SOFI TECHNOLOGIES, INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover Page - shares
6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-39606  
Entity Registrant Name SoFi Technologies, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 98-1547291  
Entity Address, Address Line One 234 1st Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94105  
City Area Code 855  
Local Phone Number 456-7634  
Title of 12(b) Security Common stock, $0.0001 par value per share  
Trading Symbol SOFI  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Smaller Reporting Company false  
Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,197,450,100
Entity Central Index Key 0001818874  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 2,122,502 $ 2,538,293
Restricted cash and restricted cash equivalents 592,101 171,067
Investment securities (includes available-for-sale securities of $2,266,588 and $1,804,043 at fair value with associated amortized cost of $2,255,505 and $1,807,686, as of June 30, 2025 and December 31, 2024, respectively) 2,374,810 1,895,689
Loans held for sale (includes $20.0 billion and $17.7 billion at fair value, as of June 30, 2025 and December 31, 2024, respectively) 20,063,089 17,684,892
Loans held for investment, at fair value 10,741,641 8,597,368
Loans held for investment, at amortized cost (less allowance for credit losses of $47,838 and $46,684, as of June 30, 2025 and December 31, 2024, respectively) 1,413,385 1,246,458
Servicing rights 375,006 342,128
Property, equipment and software 354,755 287,869
Goodwill 1,393,505 1,393,505
Intangible assets 263,522 297,794
Operating lease right-of-use assets 77,213 81,219
Other assets (less allowance for credit losses of $3,178 and $2,444, as of June 30, 2025 and December 31, 2024, respectively) 1,340,642 1,714,669
Total assets 41,112,171 36,250,951
Deposits:    
Interest-bearing deposits 29,411,104 25,861,400
Noninterest-bearing deposits 129,570 116,804
Total deposits 29,540,674 25,978,204
Accounts payable, accruals and other liabilities 676,293 556,923
Operating lease liabilities 91,434 97,389
Debt 3,942,636 3,092,692
Residual interests classified as debt 554 609
Total liabilities 34,251,591 29,725,817
Commitments, guarantees, concentrations and contingencies (Note 14)
Permanent equity:    
Common stock [1] 111 109
Additional paid-in capital 7,994,095 7,838,988
Accumulated other comprehensive income (loss) 3,593 (8,365)
Accumulated deficit (1,137,219) (1,305,598)
Total permanent equity 6,860,580 6,525,134
Total liabilities and permanent equity 41,112,171 36,250,951
Variable Interest Entity, Primary Beneficiary    
Assets    
Restricted cash and restricted cash equivalents 7,157 20,719
Loans held for sale (includes $20.0 billion and $17.7 billion at fair value, as of June 30, 2025 and December 31, 2024, respectively) 45,351 171,421
Loans held for investment, at fair value 73,273 80,812
Total assets 125,781 272,952
Deposits:    
Accounts payable, accruals and other liabilities 177 117
Debt 59,747 80,878
Residual interests classified as debt 554 609
Total liabilities $ 60,478 $ 81,604
[1] Includes 100,000,000 non-voting common shares authorized and no non-voting common shares issued and outstanding as of June 30, 2025 and December 31, 2024. See Note 9. Equity for additional information.
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 01, 2021
Investments in available-for-sale securities, fair value $ 2,266,588   $ 1,804,043        
Investments in available-for-sale securities, amortized cost 2,255,505   1,807,686        
Loans held for sale, fair value 19,981,329   17,684,892        
Loans held for sale (includes $20.0 billion and $17.7 billion at fair value, as of June 30, 2025 and December 31, 2024, respectively) 20,063,089   17,684,892        
Loans held for investment, allowance for credit loss 47,838   46,684        
Other assets, allowance for credit loss $ 3,178 $ 2,789 $ 2,444 $ 1,509 $ 2,109 $ 1,837  
Common stock, par value (in dollars per share) $ 0.00   $ 0.00        
Common stock, shares authorized (in shares) 3,100,000,000   3,100,000,000        
Common stock, shares issued (in shares) 1,113,442,968   1,095,357,781        
Common stock, shares outstanding (in shares) 1,113,442,968   1,095,357,781        
Non-Voting Common Stock              
Common stock, par value (in dollars per share)             $ 0.0001
Common stock, shares authorized (in shares) 100,000,000   100,000,000       100,000,000
Common stock, shares issued (in shares) 0   0        
Common stock, shares outstanding (in shares) 0   0        
v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income        
Loans and securitizations $ 738,862 $ 621,061 $ 1,451,738 $ 1,241,289
Other 53,543 53,534 104,479 99,217
Total interest income 792,405 674,595 1,556,217 1,340,506
Interest expense        
Securitizations and warehouses 29,650 17,362 57,794 58,283
Deposits 233,232 231,815 458,631 443,266
Corporate borrowings 11,504 12,725 22,932 23,436
Other 182 109 297 219
Total interest expense 274,568 262,011 539,654 525,204
Net interest income 517,837 412,584 1,016,563 815,302
Noninterest income        
Loan origination, sales, securitizations and servicing 70,855 61,531 123,660 125,505
Technology products and solutions 90,796 85,866 177,233 171,538
Loan platform fees 127,405 12,018 220,155 22,732
Other 48,051 26,619 89,092 108,536
Total noninterest income 337,107 186,034 610,140 428,311
Total net revenue 854,944 598,618 1,626,703 1,243,613
Provision for credit losses 10,035 11,640 15,713 18,822
Noninterest expense        
Technology and product development 152,146 132,167 308,352 263,087
Sales and marketing 264,744 184,762 502,920 352,128
Cost of operations 150,437 109,703 285,957 209,764
General and administrative 165,390 145,006 321,787 290,246
Total noninterest expense 732,717 571,638 1,419,016 1,115,225
Income before income taxes 112,192 15,340 191,974 109,566
Income tax (expense) benefit (14,929) 2,064 (23,595) (4,119)
Net income 97,263 17,404 168,379 105,447
Other comprehensive income        
Unrealized gains on available-for-sale securities, net 1,328 741 12,790 41
Foreign currency translation adjustments, net (563) (136) (832) (315)
Total other comprehensive income (loss) 765 605 11,958 (274)
Comprehensive income $ 98,028 $ 18,009 $ 180,337 $ 105,173
Earnings per share (Note 15)        
Earnings per share - basic (in dollars per share) $ 0.09 $ 0.01 $ 0.15 $ 0.08
Earnings per share - diluted (in dollars per share) $ 0.08 $ 0.01 $ 0.14 $ 0.03
Weighted average common stock outstanding - basic (in shares) 1,107,006,000 1,058,592,000 1,102,525,000 1,020,605,000
Weighted average common stock outstanding - diluted (in shares) 1,182,877,000 1,065,171,000 1,184,197,000 1,042,403,000
v3.25.2
Condensed Consolidated Statements of Changes in Temporary Equity and Permanent Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023   975,861,793      
Beginning balance at Dec. 31, 2023 $ 5,234,612 $ 97 $ 7,039,987 $ (1,209) $ (1,804,263)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense 134,550   134,550    
Vesting of RSUs (in shares)   17,530,410      
Vesting of RSUs 0 $ 2 (2)    
Stock withheld related to taxes on vested RSUs (in shares)   (1,148,965)      
Stock withheld related to taxes on vested RSUs (7,758)   (7,758)    
Exercise of common stock options (in shares)   247,153      
Exercise of common stock options 632   632    
Redeemable preferred stock dividends (16,503)   (16,503)    
Extinguishment of convertible notes by issuance of common stock (in shares)   72,621,879      
Extinguishment of convertible notes by issuance of common stock 534,283 $ 7 534,276    
Purchases of capped calls (90,649)   (90,649)    
Unwind of capped calls 10,180   10,180    
Preferred stock redemption (3,026)   (3,026)    
Net income (loss) 105,447       105,447
Other comprehensive loss, net of taxes (274)     (274)  
Ending balance (in shares) at Jun. 30, 2024   1,065,112,270      
Ending balance at Jun. 30, 2024 $ 5,901,494 $ 106 7,601,687 (1,483) (1,698,816)
Temporary equity, beginning balance (in shares) at Dec. 31, 2023 3,234,000        
Temporary equity, beginning balance at Dec. 31, 2023 $ 320,374        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Temporary equity, preferred stock redemption (in shares) (3,234,000)        
Temporary equity, preferred stock redemption $ (320,374)        
Temporary equity, ending balance (in shares) at Jun. 30, 2024 0        
Temporary equity, ending balance at Jun. 30, 2024 $ 0        
Beginning balance (in shares) at Mar. 31, 2024   1,056,491,365      
Beginning balance at Mar. 31, 2024 5,825,605 $ 105 7,543,808 (2,088) (1,716,220)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense 71,162   71,162    
Vesting of RSUs (in shares)   9,169,435      
Vesting of RSUs 0 $ 1 (1)    
Stock withheld related to taxes on vested RSUs (in shares)   (624,128)      
Stock withheld related to taxes on vested RSUs (3,998)   (3,998)    
Exercise of common stock options (in shares)   75,598      
Exercise of common stock options 166   166    
Redeemable preferred stock dividends (6,424)   (6,424)    
Preferred stock redemption (3,026)   (3,026)    
Net income (loss) 17,404       17,404
Other comprehensive loss, net of taxes 605     605  
Ending balance (in shares) at Jun. 30, 2024   1,065,112,270      
Ending balance at Jun. 30, 2024 $ 5,901,494 $ 106 7,601,687 (1,483) (1,698,816)
Temporary equity, beginning balance (in shares) at Mar. 31, 2024 3,234,000        
Temporary equity, beginning balance at Mar. 31, 2024 $ 320,374        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Temporary equity, preferred stock redemption (in shares) (3,234,000)        
Temporary equity, preferred stock redemption $ (320,374)        
Temporary equity, ending balance (in shares) at Jun. 30, 2024 0        
Temporary equity, ending balance at Jun. 30, 2024 $ 0        
Beginning balance (in shares) at Dec. 31, 2024 1,095,357,781 1,095,357,781      
Beginning balance at Dec. 31, 2024 $ 6,525,134 $ 109 7,838,988 (8,365) (1,305,598)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense 152,441   152,441    
Vesting of RSUs (in shares)   17,776,848      
Vesting of RSUs 0 $ 2 (2)    
Stock withheld related to taxes on vested RSUs (in shares)   (797,339)      
Stock withheld related to taxes on vested RSUs $ (9,891)   (9,891)    
Exercise of common stock options (in shares) 133,779 133,779      
Exercise of common stock options $ 795   795    
Redeemable preferred stock dividends 0        
Employee stock purchase plan (in shares)   971,899      
Employee stock purchase plan 11,764   11,764    
Net income (loss) 168,379       168,379
Other comprehensive loss, net of taxes $ 11,958     11,958  
Ending balance (in shares) at Jun. 30, 2025 1,113,442,968 1,113,442,968      
Ending balance at Jun. 30, 2025 $ 6,860,580 $ 111 7,994,095 3,593 (1,137,219)
Beginning balance (in shares) at Mar. 31, 2025   1,104,104,203      
Beginning balance at Mar. 31, 2025 6,678,514 $ 110 7,910,058 2,828 (1,234,482)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense 75,973   75,973    
Vesting of RSUs (in shares)   8,654,892      
Vesting of RSUs 0 $ 1 (1)    
Stock withheld related to taxes on vested RSUs (in shares)   (379,570)      
Stock withheld related to taxes on vested RSUs (4,299)   (4,299)    
Exercise of common stock options (in shares)   91,544      
Exercise of common stock options 600   600    
Redeemable preferred stock dividends 0        
Employee stock purchase plan (in shares)   971,899      
Employee stock purchase plan 11,764   11,764    
Net income (loss) 97,263       97,263
Other comprehensive loss, net of taxes $ 765     765  
Ending balance (in shares) at Jun. 30, 2025 1,113,442,968 1,113,442,968      
Ending balance at Jun. 30, 2025 $ 6,860,580 $ 111 $ 7,994,095 $ 3,593 $ (1,137,219)
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 168,379 $ 105,447
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Share-based compensation expense 127,012 116,139
Depreciation and amortization 112,026 98,162
Deferred debt issuance and discount expense 5,367 8,207
Gain on extinguishment of convertible debt 0 (59,194)
Provision for credit losses 15,713 18,822
Deferred income taxes 19,169 (3,110)
Fair value changes in loans held for investment (218,830) (58,908)
Fair value changes in securitization investments (1,137) (2,194)
Other 1,775 (1,551)
Changes in loans held for sale, net (2,443,713) (535,792)
Changes in accrued interest on loans (17,377) 7,245
Changes in loans previously classified as held for sale, net 514,427 782,944
Changes in servicing assets (32,878) (110,860)
Changes in other assets 206,085 (97,207)
Changes in other liabilities 98,576 (14,273)
Net cash (used in) provided by operating activities (1,445,406) 253,877
Investing activities    
Purchases of property, equipment and software (116,069) (68,696)
Capitalized software development costs (4,171) (4,889)
Purchases of available-for-sale investments (853,559) (1,308,629)
Proceeds from sales of available-for-sale investments 204,777 0
Proceeds from maturities and paydowns of available-for-sale investments 237,720 471,007
Changes in loans held for investment, net (2,617,949) (2,556,261)
Proceeds from securitization investments 28,817 22,693
Proceeds from non-securitization investments 9,585 2,515
Purchases of non-securitization investments (51,842) (13,841)
Net cash used in investing activities (3,162,691) (3,456,101)
Financing activities    
Net change in deposits 3,766,414 4,297,336
Net change in debt facilities 868,016 (2,093,205)
Proceeds from other debt issuances 0 845,250
Repayment of other debt (22,162) (297,183)
Payment of debt issuance costs (394) (5,845)
Purchase of capped calls 0 (90,649)
Unwind of capped calls 0 10,180
Taxes paid related to net share settlement of share-based awards (9,891) (7,758)
Proceeds from stock option exercises 795 632
Proceeds from issuance of common stock under the ESPP 11,764 0
Payment of redeemable preferred stock dividends 0 (16,503)
Redemption of Series 1 preferred stock 0 (323,400)
Finance lease principal payments (370) (262)
Net cash provided by financing activities 4,614,172 2,318,593
Effect of exchange rates on cash and cash equivalents (832) (315)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 5,243 (883,946)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 2,709,360 3,615,578
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 2,714,603 2,731,632
Reconciliation to amounts on condensed consolidated balance sheets (as of period end)    
Cash and cash equivalents 2,122,502 2,334,589
Restricted cash and restricted cash equivalents 592,101 397,043
Total cash, cash equivalents, restricted cash and restricted cash equivalents 2,714,603 2,731,632
Supplemental non-cash investing and financing activities    
Deposits credited but not yet received in cash 266,370 78,964
Share-based compensation capitalized related to internally-developed software 25,429 18,411
Extinguishment of convertible notes by issuance of common stock $ 0 $ 593,910
v3.25.2
Organization, Summary of Significant Accounting Policies and New Accounting Standards
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Summary of Significant Accounting Policies and New Accounting Standards
Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards
Organization
SoFi is a financial services platform that was founded in 2011 to offer an innovative approach to the private student loan market by providing student loan refinancing options. The Company conducts its business through three reportable segments: Lending, Technology Platform and Financial Services. Since its founding, SoFi has expanded its lending and financial services strategy to offer personal loans, home loans and credit cards. The Company has also developed additional financial products, such as money management and investment product offerings, and has also leveraged its financial services platform to empower other businesses. The Company has continued to expand its product offerings through strategic acquisitions. During 2020, the Company expanded its investment product offerings into Hong Kong through the acquisition of 8 Limited, and also began to operate as a platform as a service for a variety of financial service providers, providing the infrastructure to facilitate core client-facing and back-end capabilities, such as account setup, account funding, direct deposit, authorizations and processing, payments functionality and check account balance features through the acquisition of Galileo Financial Technologies. During 2022, the Company became a bank holding company and began operating as SoFi Bank, National Association, through its acquisition of Golden Pacific Bancorp, Inc., and expanded its platform to include a cloud-native digital and core banking platform with customers in Latin America through its acquisition of Technisys, allowing the Company to expand its technology platform services to a broader international market. During 2023, the Company acquired Wyndham Capital Mortgage, a fintech mortgage lender. For additional information on our reportable segments, see Note 16. Business Segment Information.
The Company has elected to be treated as a financial holding company pursuant to Section 4(l) of the BHCA. As a financial holding company, the Company is authorized to engage in a broader set of financial activities than a bank holding company that has not elected to be treated as a financial holding company. Financial holding companies may also engage in activities that are determined by the Federal Reserve to be complementary to financial activities.
Summary of Significant Accounting Policies
Basis of Presentation
The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein.
These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 24, 2025 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.
In our unaudited condensed consolidated financial statements, we made the following presentation changes in 2025:
In our unaudited condensed consolidated statements of operations and comprehensive income beginning in the second quarter of 2025, we combined the financial statement line items for noninterest income—loan origination, sales and securitizations and noninterest income—servicing, and presented within noninterest income—loan origination, sales, securitizations and servicing.
In all instances, the respective prior period amounts were recast to conform to the current period presentation.
Use of Judgments, Assumptions and Estimates
The preparation of our condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and
expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature; and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, (iii) goodwill, and (iv) valuation allowance on deferred tax assets.
Securitization Investments
In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual investments and asset-backed bonds (collectively, “securitization investments”) that we report within investment securities in the condensed consolidated balance sheets. We elected the fair value option for a portion of these investments with gains and losses reported within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. We account for the remaining securitization investments as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for a breakout of those securitization investments for which we have elected to account for as AFS debt securities. We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available. See Note 11. Fair Value Measurements for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds.
Recent Accounting Standards Issued, But Not Yet Adopted
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments. The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. The standard may be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.
Obligations to Safeguard Crypto-Assets
In January 2025, the SEC released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinds the interpretive guidance provided in SAB 121 for reporting entities that have an obligation to safeguard customers' crypto assets. Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations. With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies. SAB 122 must be applied retrospectively for annual periods beginning after December 15, 2024, with early adoption permitted in any interim or annual financial statement period filed with the SEC on or after January 30, 2025. Upon
adoption, we will no longer recognize a liability and a corresponding asset for our safeguarding obligations. We do not expect this guidance to have a material impact on our condensed consolidated financial statements.
For additional information about our historical digital assets activity, refer to “Safeguarding Asset and Liability” in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards in our Annual Report on Form 10-K.
v3.25.2
Revenue
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
Note 2. Revenue
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein.
Disaggregated Revenue
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue from contracts with customers







Financial Services







Referrals, loan platform business(1)
$22,548 

$11,880 

$42,248 

$22,582 
Referrals, other(2)
2,588 

1,738 

5,118 

3,772 
Interchange(2)
26,502 

14,457 

49,314 

26,459 
Brokerage(2)
7,542 5,960 14,527 9,994 
Other(2)(3)
2,166 

654 

3,897 

1,581 
Total financial services
61,346 

34,689 

115,104 

64,388 
Technology Platform







Technology services
89,574 

85,469 

175,562 

170,119 
Other(3)
970 

624 

1,606 

1,884 
Total technology platform(4)
90,544 

86,093 

177,168 

172,003 
Total revenue from contracts with customers
151,890 

120,782 

292,272 

236,391 
Other sources of revenue







Loan origination, sales, securitizations and servicing
70,855 

61,531 

123,660 

125,505 
Loan platform business, other(1)
104,857 

138 

177,907 

150 
Other(5)
9,505 3,583 16,301 66,265 
Total other sources of revenue
185,217 

65,252 

317,868 

191,920 
Total noninterest income$337,107 $186,034 $610,140 $428,311 
_____________________
(1) Presented within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
(2) Presented within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
(3) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income. Related to these technology platform services, we had deferred revenue of $7,430 and $7,474 as of June 30, 2025 and December 31, 2024, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $2,536 and $1,086 during the three months ended June 30, 2025 and 2024, respectively, and $4,904 and $2,386 during the six months ended June 30, 2025 and 2024, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income.
(5) Includes gain on extinguishment of convertible debt of $59,194 during the six months ended June 30, 2024.
Contract Balances
As of June 30, 2025 and December 31, 2024, accounts receivable, net associated with revenue from contracts with customers was $70,104 and $61,569, respectively, reported within other assets in the condensed consolidated balance sheets.
Costs of Obtaining Contracts with Customers
We capitalize incremental costs of obtaining a contract with a customer, which are certain commissions paid to third-parties in connection with the acquisition of member accounts. Capitalized costs are amortized over the life of the account. The expense is reported in noninterest expense—sales and marketing on the condensed consolidated statements of operations and comprehensive income.
During the three months ended June 30, 2025 and 2024, we recognized associated amortization expense of $12,352 and $4,538, respectively. During the six months ended June 30, 2025 and 2024, we recognized associated amortization expense of $22,803 and $7,553, respectively.
v3.25.2
Loans
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans
Note 3. Loans
As of June 30, 2025, our loan portfolio consisted of (i) loans held for sale, including personal loans, which are measured at fair value under the fair value option or at lower of cost or market, and home loans, which are measured at fair value under the fair value option, (ii) loans held for investment, including student loans, which are measured at fair value under the fair value option, and (iii) loans held for investment, including secured loans, credit cards, and commercial and consumer banking loans, which are measured at amortized cost. Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
June 30,
2025
December 31,
2024
Loans held for sale
At fair value



Personal loans(1)
$19,603,937 $17,532,396 
Home loans
377,392 152,496 
Total loans held for sale, at fair value19,981,329 17,684,892 
At lower of cost or market
Personal loans(2)
81,760 — 
Total loans held for sale, at lower of cost or market
81,760 — 
Total loans held for sale
20,063,089 17,684,892 
Loans held for investment
Student loans(3)
10,741,641 

8,597,368 
Total loans held for investment, at fair value10,741,641 8,597,368 
Secured loans
888,421 806,441 
Credit card
364,997 289,159 
Commercial and consumer banking:
Commercial real estate145,574 136,474 
Commercial and industrial4,321 4,986 
Residential real estate and other consumer10,072 9,398 
Total commercial and consumer banking159,967 150,858 
Total loans held for investment, at amortized cost(4)
1,413,385 

1,246,458 
Total loans held for investment
12,155,026 9,843,826 
Total loans
$32,218,115 

$27,528,718 
_____________________
(1) Includes $45,351 and $171,421 of personal loans in consolidated VIEs as of June 30, 2025 and December 31, 2024, respectively.
(2) Includes loans originated as part of the loan platform business on behalf of third party partners.
(3) Includes $1,835,639 and $2,034,559 of student loans covered by financial guarantee, and $73,273 and $80,812 of student loans in consolidated VIEs as of June 30, 2025 and December 31, 2024, respectively.
(4) See Note 4. Allowance for Credit Losses herein, and Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards under the heading “Allowance for Credit Losses” in our Annual Report on Form 10-K for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.
Loans Measured at Fair Value
The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 11. Fair Value Measurements for the assumptions used in our fair value model.
Personal Loans
Student Loans
Home Loans
Total
June 30, 2025
Unpaid principal balance
$18,416,674 $10,099,685 $359,360 $28,875,719 
Accumulated interest
132,100 57,581 895 190,576 
Cumulative fair value adjustments
1,055,163 584,375 17,137 1,656,675 
Total fair value of loans(1)
$19,603,937 $10,741,641 $377,392 $30,722,970 
December 31, 2024
Unpaid principal balance
$16,589,623 $8,215,629 $149,862 $24,955,114 
Accumulated interest
128,733 44,603 260 173,596 
Cumulative fair value adjustments
814,040 337,136 2,374 1,153,550 
Total fair value of loans(1)
$17,532,396 $8,597,368 $152,496 $26,282,260 
__________________
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.
Personal Loans
Student Loans
Home Loans
Total
June 30, 2025
Unpaid principal balance
$77,941 $12,828 $93 $90,862 
Accumulated interest
3,858 249 — 4,107 
Cumulative fair value adjustments(1)
(63,942)(9,082)(8)(73,032)
Fair value of loans 90 days or more delinquent (2)
$17,857 $3,995 $85 $21,937 
December 31, 2024
Unpaid principal balance$91,477 $9,578 $339 $101,394 
Accumulated interest4,400 168 4,569 
Cumulative fair value adjustments(1)
(75,390)(6,760)(22)(82,172)
Fair value of loans 90 days or more delinquent (2)
$20,487 $2,986 $318 $23,791 
__________________
(1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. As such, the $73.0 million fair value adjustment as of June 30, 2025 has been recorded in noninterest income—loan origination, sales, securitizations and servicing in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See our Annual Report on Form 10-K for further discussion of the policies for determining the fair value of our loan portfolios.
(2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off.
Transfers of Financial Assets
We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances of the transfer. When a transfer of financial assets qualifies as a sale, in many instances we have continuing involvement as the servicer of those financial assets. As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset. Further, in the case of securitization-related transfers that qualify as sales, we have additional continuing involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization. In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization. In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale. Additionally, we generally have no repurchase requirements related to transfers of personal loans, student loans and non-GSE home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. For GSE home loans, we have customary GSE repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement.
The following table summarizes our loan securitization transfers, other than those related to our Loan Platform Business, that qualified for sale accounting treatment. There were no such loan securitization transfers qualifying for sale accounting treatment during the three months and six months ended June 30, 2025, as well as during the three months ended June 30, 2024.
Six Months Ended June 30,
2024
Personal loans
Fair value of consideration received:
Cash$674,036 
Securitization investments35,616 
Servicing assets recognized27,523 
Repurchase liabilities recognized(280)
Total consideration736,895 
Aggregate unpaid principal balance and accrued interest of loans sold701,601 
Gain from loan sales$35,294 
Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the period because we no longer hold a significant financial interest in the underlying securitization entity, which can fluctuate from period to period. Gains and losses on deconsolidations are presented within noninterest income—loan origination, sales, securitizations, and servicing in the condensed consolidated statements of operations and comprehensive income.
During the six months ended June 30, 2025 we had deconsolidation of debt on personal loans of $13.2 million, and during the three and six months ended June 30, 2024 we had deconsolidation of debt on student loans of $55.9 million and $98.0 million, respectively. We did not have any deconsolidation of debt on personal loans for the three months ended June 30, 2025. For all periods, the impact on earnings from these deconsolidations was immaterial.
The following table summarizes our current whole loan sales:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Personal loans







Fair value of consideration received:
Cash$200,326 $1,136,812 $1,313,348 $1,636,563 
Receivable
— — — 3,036 
Servicing assets recognized11,817 70,472 80,442 104,021 
Repurchase liabilities recognized(520)(4,181)(1,800)(5,981)
Total consideration
211,623 1,203,103 1,391,990 1,737,639 
Aggregate unpaid principal balance and accrued interest of loans sold
200,526 

1,136,427 

1,313,698 

1,639,464 
Realized gain$11,097 $66,676 $78,292 $98,175 
Student loans





Fair value of consideration received:




Cash$— $— $— $310,331 
Servicing assets recognized— — — 8,249 
Repurchase liabilities recognized— — — (46)
Total consideration— — — 318,534 
Aggregate unpaid principal balance and accrued interest of loans sold
— 

— 

— 

303,578 
Realized gain$— $— $— $14,956 
Home loans







Fair value of consideration received:
Cash$792,211 $385,030 $1,118,851 $729,708 
Servicing assets recognized4,222 3,390 7,016 6,222 
Repurchase liabilities recognized(1,534)(634)(2,143)(1,139)
Total consideration
794,899 

387,786 

1,123,724 

734,791 
Aggregate unpaid principal balance and accrued interest of loans sold
779,332 

381,299 

1,101,864 

725,557 
Realized gain$15,567 $6,487 $21,860 $9,234 
The following table summarizes our delinquent whole loan sales:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Personal loans



Fair value of consideration received:
Cash$7,200 $5,549 $14,400 $10,549 
Servicing assets recognized
6,304 4,884 12,610 8,284 
Repurchase liabilities recognized(90)(28)(171)(53)
Total consideration
13,414 10,405 26,839 18,780 
Aggregate unpaid principal balance and accrued interest of loans sold(1)(2)
94,699 73,450 

189,532 139,861 
Realized loss$(81,285)$(63,045)$(162,693)$(121,081)
__________________
(1) During the three and six months ended June 30, 2025, includes $90.0 million and $180.0 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries, respectively. During the three and six months ended June 30, 2024,
includes $69.4 million and $131.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries, respectively.
(2) For the three and six months ended June 30, 2025 $63.4 million and $126.7 million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2024 $47.1 million and $90.3 million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of June 30, 2025 and 2024, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.
The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third party for which we receive a fee. Sales related to our Loan Platform Business during the three and six months ended June 30, 2024 were immaterial.
Three Months Ended June 30,Six Months Ended June 30,
20252025
Personal loans



Fair value of consideration received:
Cash$2,370,668 $3,917,253 
Servicing assets recognized17,707 28,633 
Repurchase liabilities recognized(2,156)(3,217)
Total consideration
2,386,219 3,942,669 
Aggregate carrying amount and accrued interest of loans sold(1)
2,285,070 

3,773,422 
Loan fees, net(2)
83,442 140,614 
Servicing assets recognized
17,707 28,633 
Loan platform fees recognized(3)
$101,149 $169,247 
_____________________
(1)Includes unpaid principal balance of $2.3 billion and $3.8 billion for the three and six months ended June 30, 2025, respectively.
(2)Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale.
(3)Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
The following table summarizes the results of the transfer related to the portion of personal loans that we contributed as part of a securitization that qualified for sale accounting treatment, which related to incremental loans originated and subsequently sold as part of our Loan Platform Business. There were no loan securitization transfers related to our Loan Platform Business qualifying for sale accounting treatment during the three and six months ended June 30, 2024.
Three Months Ended June 30,Six Months Ended June 30,
20252025
Personal loans



Fair value of consideration received:
Cash(1)
$(173)$(626)
Securitization investments retained(2)
38,340 77,474 
Servicing assets recognized273 553 
Repurchase liabilities recognized(38)(65)
Total consideration
38,402 77,336 
Aggregate carrying amount and accrued interest of loans sold(3)
37,275 74,872 
Gain from loan sales(4)
$1,127 $2,464 
_____________________
(1)Relates to payments for securitization-related expenses.
(2)Represents asset-backed bonds and residual investments retained pursuant to risk retention rules. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 11. Fair Value Measurements for our accounting policy and key inputs used in the fair value measurements related to these asset-backed bonds and residual investments.
(3)Includes unpaid principal balance of $37.7 million and $75.9 million for the three and six months ended June 30, 2025, respectively.
(4)Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
For certain transferred loans that qualified for sale accounting and are therefore derecognized, we have continuing involvement through our servicing agreements. For such loans, our exposure to loss is generally limited to the extent we would be required to repurchase such a loan due to a breach of representations and warranties associated with the loan transfer or servicing contract.
The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:
Personal Loans
Student Loans
Home Loans
Total
June 30, 2025
Loans in delinquency (30+ days past due)
$156,286 $48,546 $38,203 $243,035 
Total loans in delinquency243,437 88,087 38,203 369,727 
Total transferred loans serviced(1)
9,165,685 3,813,984 6,517,215 19,496,884 
December 31, 2024
Loans in delinquency (30+ days past due)
$109,169 $67,234 $35,910 $212,313 
Total loans in delinquency
168,403 129,317 35,910 333,630 
Total transferred loans serviced(1)
6,060,329 5,230,303 6,234,859 17,525,491 
_____________________
(1)Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated.
The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Personal loans
Servicing fees collected from transferred loans
$16,741 $16,670 $36,909 $26,115 
Charge-offs, net of recoveries, of transferred loans
149,936 87,840 278,857 173,173 
Student loans
Servicing fees collected from transferred loans
4,523 5,975 9,668 12,121 
Charge-offs, net of recoveries, of transferred loans
12,518 11,123 23,791 21,976 
Home loans
Servicing fees collected from transferred loans
4,226 4,232 8,606 8,271 
Total
Servicing fees collected from transferred loans
$25,490 $26,877 $55,183 $46,507 
Charge-offs, net of recoveries, of transferred loans
162,454 98,963 302,648 195,149 
Loans Measured at Amortized Cost
Loan Portfolio Composition and Aging
The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:
Delinquent Loans
Current30–59 Days60–89 Days
≥ 90 Days(1)
Total Delinquent Loans
Total Loans(2)
June 30, 2025
Secured loans
$887,047 $— $— $— $— $887,047 
Credit card386,825 3,480 2,907 7,057 13,444 400,269 
Commercial and consumer banking:
Commercial real estate147,197 — — — — 147,197 
Commercial and industrial4,198 — 118 89 207 4,405 
Residential real estate and other consumer(3)
10,138 — — — — 10,138 
Total commercial and consumer banking161,533 — 118 89 207 161,740 
Total loans
$1,435,405 $3,480 $3,025 $7,146 $13,651 $1,449,056 
December 31, 2024
Secured loans
$804,800 $— $— $— $— $804,800 
Credit card312,676 3,429 3,311 9,056 15,796 328,472 
Commercial and consumer banking:
Commercial real estate138,172 — — — — 138,172 
Commercial and industrial4,831 — 188 77 265 5,096 
Residential real estate and other consumer(3)
9,370 — — — — 9,370 
Total commercial and consumer banking152,373 — 188 77 265 152,638 
Total loans$1,269,849 $3,429 $3,499 $9,133 $16,061 $1,285,910 
______________
(1)Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, credit card and commercial and consumer banking loans on nonaccrual status were immaterial.
(2)For credit card, the balance is presented before allowance for credit losses of $45,515 and $44,350 as of June 30, 2025 and December 31, 2024, respectively, and accrued interest of $4,203 and $4,125, respectively. For secured loans, the balance is presented before accrued interest of $1,374 and $1,641 as of June 30, 2025 and December 31, 2024, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,323 and $2,334 as of June 30, 2025 and December 31, 2024, respectively, and accrued interest of $550 and $554, respectively.
(3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
Credit Quality Indicators
Credit Card
The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.
FICOJune 30, 2025December 31, 2024
≥ 800$43,324 $38,076 
780 – 79924,739 24,566 
760 – 77927,085 24,533 
740 – 75930,242 26,321 
720 – 73941,116 30,215 
700 – 71951,677 36,050 
680 – 69952,820 37,994 
660 – 67939,963 30,504 
640 – 65926,258 21,206 
620 – 63915,656 14,098 
600 – 61910,773 9,393 
≤ 59936,616 35,516 
Total credit card$400,269 $328,472 
Commercial and Consumer Banking
We analyze loans in our commercial and consumer banking portfolio by classification based on their associated credit risk, and perform an analysis on an ongoing basis as new information is obtained. Risk rating classifications are further described below. Loans with a lower expectation of credit losses are classified as Pass, while loans with a higher expectation of credit losses are classified as Substandard.
Pass Loans that management believes will fully repay in accordance with the contractual loan terms.
WatchLoans that management believes will fully repay in accordance with the contractual loan terms, but for which certain credit attributes have changed from origination and warrant further monitoring.
Special mention Loans with a potential weakness or weaknesses that deserves management’s close attention. If left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the loan or our credit position at some future date.
SubstandardLoans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the full repayment. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:
Term Loans by Origination Year
June 30, 202520252024202320222021PriorTotal Term LoansRevolving Loans
Commercial real estate
Pass$16,212 $34,007 $18,935 $28,809 $7,043 $24,592 $129,598 $167 
Watch— — 5,176 2,383 — 2,179 9,738 — 
Special mention— 1,676 — 2,699 — 713 5,088 — 
Substandard— — — — — 2,606 2,606 — 
Total commercial real estate16,212 35,683 24,111 33,891 7,043 30,090 147,030 167 
Commercial and industrial
Pass— 133 18 — — 2,948 3,099 1,051 
Watch— — 31 — — — 31 — 
Substandard— — — — — 224 224 — 
Total commercial and industrial— 133 49 — — 3,172 3,354 1,051 
Residential real estate and other consumer
Pass— — — — — 3,904 3,904 4,330 
Watch— — — — — — — 1,904 
Total residential real estate and other consumer— — — — — 3,904 3,904 6,234 
Total commercial and consumer banking
$16,212 $35,816 $24,160 $33,891 $7,043 $37,166 $154,288 $7,452 

Secured Loans
The amortized cost basis (excluding accrued interest) of our secured loans was $887.0 million and $804.8 million as of June 30, 2025 and December 31, 2024, respectively. Secured loans are term loan arrangements secured by underlying loans owned by the debtor, which were previously originated, sold and in most cases continue to be serviced by the Company. The borrowers of our secured loans are generally financial institutions, and the underlying collateral are personal loans originated by the Company. The duration of these secured loans align with the underlying collateral, the majority of which have a term of 7 years or less. Our secured loans were originated in 2023, 2024 and 2025, are all current and there have been no charge-offs since origination.
We evaluate the credit quality of our secured loan portfolio relative to the fair value of the underlying collateral, reassessing it quarterly based on relevant information, including funded loan rates and historical loss experience. An allowance for credit losses is required when there is an expected credit loss after considering the fair value of the collateral as well as any anticipated future changes in the underlying collateral. As of June 30, 2025, based on this evaluation we did not recognize an allowance for credit losses on our secured loans.
v3.25.2
Allowance for Credit Losses
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Allowance for Credit Losses
Note 4. Allowance for Credit Losses
Our allowance for credit losses represents our current estimate of expected credit losses over the remaining contractual life of certain financial assets, including credit cards as well as commercial and consumer banking loans, which relate to our Financial Services segment, and accounts receivables primarily related to our Technology Platform segment. Given our methods of collecting funds on servicing receivables, our historical experience of infrequent write offs, and that we have not observed meaningful changes in our counterparties’ abilities to pay, we determined that the future exposure to credit losses on servicing related receivables was immaterial. See our Annual Report on Form 10-K for further discussion of the methodology and policies for determining our allowance for credit losses for each of our loan portfolios.
The following table presents changes in our allowance for credit losses:
Credit Card(1)
Commercial and Consumer Banking(1)
Accounts Receivable(1)
Three Months Ended June 30, 2025
Balance at March 31, 2025
$42,179 

$2,190 

$2,789 
Provision for credit losses(2)
9,901 

134 

389 
Net charge-offs(3)
(6,565)

(1)

— 
Balance at June 30, 2025
$45,515 

$2,323 

$3,178 
Three Months Ended June 30, 2024
Balance at March 31, 2024
$49,092 $2,221 $2,109 
Provision for credit losses(2)
11,348 292 382 
Net charge-offs(3)
(11,034)(11)(982)
Balance at June 30, 2024
$49,406 $2,502 $1,509 
Six Months Ended June 30, 2025
Balance at December 31, 2024
$44,350 

$2,334 

$2,444 
Provision for credit losses(2)
15,720 

(7)

767 
Net charge-offs(3)
(14,555)

(4)

(33)
Balance at June 30, 2025
$45,515 

$2,323 

$3,178 
Six Months Ended June 30, 2024
Balance at December 31, 2023
$52,385 

$2,310 

$1,837 
Provision for credit losses(2)
18,601 

221 

2,793 
Net charge-offs(3)
(21,580)

(29)

(3,121)
Balance at June 30, 2024
$49,406 

$2,502 

$1,509 
_____________________
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets.
(2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(3)During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to credit cards were $805 and $1,569 , respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to credit cards were $1,136 and $2,219, respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three and six months ended June 30, 2025 and 2024. During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to accounts receivable were $300 and $602, respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to accounts receivable were $541 and $1,038, respectively.

Credit card: During the three and six months ended June 30, 2025, accrued interest receivables written off by reversing interest income were $1.5 million and $3.4 million, respectively. During the three and six months ended June 30, 2024, accrued interest receivables written off by reversing interest income were $2.4 million and $5.0 million, respectively.
v3.25.2
Investments Securities
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Securities
Note 5. Investment Securities
The following table presents our investments in AFS debt securities:
Amortized CostAccrued InterestGross Unrealized Gains
Gross Unrealized Losses(1)
Fair Value
June 30, 2025
U.S. Treasury securities$228,216 $2,451 $592 $(927)$230,332 
Agency mortgage-backed securities1,990,751 4,119 8,194 (3,502)1,999,562 
Corporate bonds2,257 29 — (61)2,225 
Asset-backed bonds(2)
28,894 121 — (11)29,004 
Residual investments(2)
4,438 42 169 — 4,649 
Other(3)
949 — (141)816 
Total investments in AFS debt securities$2,255,505 $6,770 $8,955 $(4,642)$2,266,588 
December 31, 2024
U.S. Treasury securities$277,555 $2,622 $77 $(6,602)$273,652 
Agency mortgage-backed securities1,525,913 3,048 3,522 (6,089)1,526,394 
Corporate bonds3,272 39 — (94)3,217 
Other(3)
946 — (174)780 
Total investments in AFS debt securities$1,807,686 $5,717 $3,599 $(12,959)$1,804,043 
_____________________
(1) As of June 30, 2025 and December 31, 2024, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 98% and approximately 100% of the amortized cost basis of our investments as of June 30, 2025 and December 31, 2024, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.
(2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for additional information.
(3) Includes state municipal bond securities.
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024.
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2025
U.S. Treasury securities$74,320 $(882)$5,186 $(45)$79,506 $(927)
Agency mortgage-backed securities622,928 (2,598)26,159 (904)649,087 (3,502)
Corporate bonds988 (30)1,236 (31)2,224 (61)
Asset-backed bonds
29,003 (11)— — 29,003 (11)
Other— — 816 (141)816 (141)
Total investments in AFS debt securities$727,239 $(3,521)$33,397 $(1,121)$760,636 $(4,642)
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2024
U.S. Treasury securities$217,683 $(6,497)$5,256 $(105)$222,939 $(6,602)
Agency mortgage-backed securities614,081 (5,499)7,319 (590)621,400 (6,089)
Corporate bonds— — 3,216 (94)3,216 (94)
Other— — 780 (174)780 (174)
Total investments in AFS debt securities$831,764 $(11,996)$16,571 $(963)$848,335 $(12,959)
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
June 30, 2025
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities$6,209$147,898$74,109$$228,216 
Agency mortgage-backed securities230,08310,5241,950,1421,990,751 
Corporate bonds2,2572,257 
Asset-backed bonds
28,89428,894 
Residual investments
4,4384,438 
Other949949 
Total investments in AFS debt securities$6,211$177,981$121,171$1,950,142$2,255,505 
Weighted average yield for investments in AFS debt securities(1)
2.26 %3.95 %3.98 %5.36 %5.24%
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities$6,165$148,488$73,228$$227,881
Agency mortgage-backed securities230,57910,5791,954,2831,995,443
Corporate bonds2,1962,196
Asset-backed bonds
28,88328,883
Residual investments
4,6074,607
Other808808
Total investments in AFS debt securities$6,167$179,067$120,301$1,954,283$2,259,818
_____________________
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security.
(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $6,770 as of June 30, 2025.
Gross realized gains and losses on our investments in AFS debt securities were $2,893 and $(134), respectively, during each of the three and six months ended June 30, 2025. Gross realized gains and losses on our investments in AFS debt securities were immaterial during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2025 and 2024, there were no transfers between classifications of our investments in AFS debt securities. See Note 9. Equity for unrealized gains and losses on our investments in AFS debt securities and amounts reclassified out of AOCI.
v3.25.2
Securitization and Variable Interest Entities
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Securitization and Variable Interest Entities
Note 6. Securitization and Variable Interest Entities
Consolidated VIEs
We consolidate certain securitization trusts in which we have a variable interest and are deemed to be the primary beneficiary. Our consolidation policy is further discussed in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards in our Annual Report on Form 10-K.
The VIEs are SPEs with portfolio loans securing debt obligations. The SPEs were created and designed to transfer credit and interest rate risk associated with consumer loans through the issuance of collateralized notes and trust certificates. We make standard representations and warranties to repurchase or replace qualified portfolio loans. Aside from these representations, the holders of the asset-backed debt obligations have no recourse to the Company if the cash flows from the underlying portfolio loans securing such debt obligations are not sufficient to pay all principal and interest on the asset-backed debt obligations. We hold a significant interest in these financing transactions through our ownership of a portion of the residual interest in certain VIEs. In addition, in some cases, we invest in the debt obligations issued by the VIE. Our investments in consolidated VIEs eliminate in consolidation. The residual interest is the first VIE interest to absorb losses should the loans securing the debt obligations not provide adequate cash flows to satisfy more senior claims and is the interest that we expect to absorb the expected gains and losses of the VIE. Our maximum exposure to credit risk in sponsoring SPEs is limited to our investment in the VIE. VIE creditors have no recourse against our general credit. There are no liquidity arrangements, guarantees or other commitments that may affect the fair value or risk of our variable interests in consolidated VIEs.
As of June 30, 2025 and December 31, 2024, we had two and four consolidated VIEs, respectively, on our condensed consolidated balance sheets. During the six months ended June 30, 2025, we exercised a securitization clean up call related to two consolidated VIEs. The assets of consolidated VIEs that were included in our condensed consolidated balance sheets may only be used to settle obligations of consolidated VIEs and were in excess of those obligations as of June 30, 2025 and December 31, 2024. Intercompany balances are eliminated upon consolidation.
Nonconsolidated VIEs
We have created and designed personal loan and student loan trusts to transfer associated credit and interest rate risk associated with the loans through the issuance of collateralized notes and residual certificates. We have a variable interest in the nonconsolidated loan trusts, through our ownership of collateralized notes in the form of asset-backed bonds and residual certificates in the loan trusts that absorb variability. We have also transferred secured loans and personal loans, including the associated risks, to other SPEs that are considered VIEs. In both the loan trusts and other VIEs, we have continuing, non-controlling involvement with the entity as the servicer. When our servicing rights meet the definition of a variable interest, in that role, we may have the power to perform the activities which most impact the economic performance of the VIE, but since either we hold an insignificant financial interest in the trusts or rights held by other variable interest holders convey power, we are not the primary beneficiary. In loan trusts, our collateralized notes and residual certificates represent the equity ownership interest in the loan trusts, wherein there is an obligation to absorb losses and the right to receive benefits from residual certificate ownership. The maximum exposure to loss as a result of our involvement with the nonconsolidated loan trust VIEs is limited to our investment. In other VIEs, our interest is represented by secured loans, servicing rights, or both, with our maximum exposure to loss is limited to the total amount of our secured loans and servicing rights. We did not provide financial support to any nonconsolidated VIEs beyond our initial equity investment. There are no liquidity arrangements, guarantees or other commitments by third parties that may affect the fair value or risk of our variable interests in nonconsolidated VIEs.
As of June 30, 2025 and December 31, 2024, we had investments in 24 and 23 nonconsolidated VIEs, respectively. During the six months ended June 30, 2025, we established two nonconsolidated trusts and called one nonconsolidated trust.
The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented.
June 30,
2025
December 31,
2024
Securitization investments$141,875 $91,646 
Secured loans888,421 806,441 
Servicing rights103,865 100,839 
Securitization Investments
The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual investments owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the condensed consolidated balance sheets. These risk retention interests represent the carrying value of our holdings in nonconsolidated VIEs, and the maximum exposure to a loss as a result of our involvement as of the dates presented.
June 30,
2025
December 31,
2024
Personal loans
$110,671 $56,849 
Student loans
31,204 34,797 
Securitization investments(1)
$141,875 $91,646 
_____________________
(1)As of June 30, 2025, includes $28.9 million and $4.4 million of asset-backed bonds and residual investments, respectively, classified as available for sale. See Note 5. Investment Securities for additional information.
See Note 11. Fair Value Measurements for the key inputs used in the fair value measurements of these asset-backed bonds and residual interests.
Low Income Housing Tax Credit Investments
The Company makes equity investments as a limited partner in various entities that sponsor affordable housing projects that qualify for the LIHTC program. The purpose of these investments is not only to support the Company’s community reinvestment initiatives, but also to provide an investment return, primarily through the realization of tax benefits. Each of these entities is managed by an unrelated third-party general partner or managing member that has the power to direct the activities which most significantly affect the performance of each entity. Therefore, the Company has determined that it is not the primary beneficiary of any of these LIHTC entities and accordingly, does not consolidate the VIEs.
The Company's funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions. The Company's maximum exposure to loss as a result of its involvement is limited to the carrying amounts of the investments, including the unfunded commitments, which are included in other assets and accounts payable, accruals and other liabilities, respectively, in the condensed consolidated balance sheets. Our investments were $28.3 million and $12.6 million as of June 30, 2025 and December 31, 2024, respectively. The unfunded commitments, included as part of our investments, were $23.0 million and $11.1 million as of June 30, 2025 and December 31, 2024, respectively, the majority of which are expected to be funded over the next three years.
The Company accounts for its LIHTC investments under the proportional amortization method. Under this method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense.
The related tax credits and other benefits recognized, as well as the amortization of the related investments were immaterial for the three and six months ended June 30, 2025. There were no tax credits and other benefits recognized, nor amortization of related investments for the three and six months ended June 30, 2024.
v3.25.2
Deposits
6 Months Ended
Jun. 30, 2025
Deposits [Abstract]  
Deposits
Note 7. Deposits
We offer deposit accounts (referred to as “checking and savings” accounts within SoFi Money) to our members through SoFi Bank, which include interest-bearing deposits and noninterest-bearing deposits.
The following table presents detail of our deposits:
June 30, 2025December 31, 2024
Savings deposits$26,422,013 $22,838,858 
Demand deposits
2,393,984 2,205,377 
Time deposits(1)(2)
595,107 817,165 
Total interest-bearing deposits 29,411,104 25,861,400 
Noninterest-bearing deposits129,570 116,804 
Total deposits$29,540,674 $25,978,204 
_____________________
(1) As of June 30, 2025 and December 31, 2024, includes brokered deposits of $556,684 and $772,914, respectively, consisting of time deposits.
(2) As of June 30, 2025 and December 31, 2024, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $25,340 and $20,305, respectively.
As of June 30, 2025, future maturities of our total time deposits were as follows:
Remainder of 2025$373,649 
2026221,113 
202736 
2028164 
2029117 
Thereafter28 
Total$595,107 
v3.25.2
Debt
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt
Note 8. Debt
The following table summarizes the components of our debt:
June 30, 2025

December 31, 2024
Borrowing Description
Total Collateral(1)
Stated Interest Rate(2)
Termination/Maturity(3)
Total Capacity
Total Outstanding(4)
Total Outstanding
Debt Facilities






Personal loan warehouse facilities

$1,036,259 

4.95% – 5.65%

June 2026 – March 2028

$3,700,000 

$883,867 

$205,367 
Student loan warehouse facilities

1,473,868 

4.95% – 6.05%

May 2026 – March 2027

3,480,000 

1,236,306 

1,044,682 
Risk retention warehouse facilities(5)

16,643 

5.95%

October 2027

100,000 

4,726 

6,834 
Revolving credit facility(6)


5.92%

April 2028

645,000 

486,000 

486,000 
Other Debt












Convertible senior notes, due 2026(7)



—%

October 2026



428,022 

428,022 
Convertible senior notes, due 2029(8)



1.25%

March 2029



862,500 

862,500 
Other financing(9)

145,054 



210,788 

— 

— 
Securitizations







Personal loan securitizations

44,882 

—%

May 2031


— 

14,377 
Student loan securitizations

70,342 

3.09% – 3.73%

August 2048


59,747 

66,501 
Total, before unamortized debt issuance costs, premiums and discounts





$3,961,168 

$3,114,283 
Less: unamortized debt issuance costs, premiums and discounts(10)





(18,532)

(21,591)
Total debt





$3,942,636 

$3,092,692 
_________________
(1)As of June 30, 2025, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility.
(2)For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of June 30, 2025. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of June 30, 2025 included overnight SOFR, one-month SOFR and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 50 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our condensed consolidated statements of operations and comprehensive income.
(3)For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made.
(4)There were no debt discounts issued during the six months ended June 30, 2025.
(5)For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date.
(6)As of June 30, 2025, $12.3 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 14. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate.
(7)The original issue discount and debt issuance costs related to the convertible senior notes due 2026 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $0.5 million and $0.9 million, respectively. For the three and six months ended June 30, 2024, total interest expense on the convertible notes was $0.5 million and $1.7 million, respectively. For all periods, interest expense was related to amortization of debt discount and issuance costs. For the three and six months ended June 30, 2025, the effective interest rate was 0.43% and 0.43%, respectively. For the three and six months ended June 30, 2024, the effective interest rate was 0.43% and 0.44%, respectively. As of June 30, 2025 and December 31, 2024, unamortized debt discount and issuance costs were $2.4 million and $3.3 million, respectively, and the net carrying amount was $425.7 million and $424.7 million, respectively.
(8)The original issue discount and debt issuance costs related to the convertible senior notes due 2029 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $3.8 million and $7.5 million, respectively, which was composed of $2.7 million and $5.4 million, respectively, of contractual interest expense and $1.1 million and $2.1 million, respectively, of amortization of discounts and issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. For the three and six months ended June 30, 2024, total interest expense on the convertible notes was $3.8 million and $4.8 million, respectively, which was composed of $2.6 million and $3.4 million, respectively, of contractual interest expense and $1.1 million and $1.4 million, respectively, of amortization of discounts and
issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. As of June 30, 2025 and December 31, 2024, unamortized debt discount and issuance costs were $16.2 million and $18.3 million, respectively, and the net carrying amount was $846.3 million and $844.2 million, respectively.
(9)As of June 30, 2025, includes $60.1 million of loans and $85.0 million of investment securities pledged as collateral to secure $160.8 million of available borrowing capacity with the FHLB, of which $25.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 14. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks.
(10)As of June 30, 2025 and December 31, 2024, unamortized debt issuance costs related to revolving debt of $1.2 million and $1.5 million, respectively, was reported in other assets in the condensed consolidated balance sheets.
Convertible Senior Notes
Convertible Senior Notes, Due 2026
In October 2021, we issued $1.2 billion aggregate principal amount of convertible notes, pursuant to an indenture, dated October 4, 2021, between the Company and U.S. Bank National Association, as trustee (“2026 convertible notes”). The 2026 convertible notes are unsecured, unsubordinated obligations. The 2026 convertible notes do not bear regular interest. The 2026 convertible notes will mature on October 15, 2026, unless earlier repurchased, redeemed or converted.
In December 2023, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $88.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 9,490,000 shares of common stock. In March 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $600.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 72,621,879 shares of common stock. In August 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 convertible notes to repurchase $84.0 million aggregate principal amount of the 2026 convertible notes, which were settled through the issuance of 10,591,795 shares of common stock. Following these repurchases, $428.0 million aggregate principal amount of the 2026 convertible notes remain outstanding.
As of June 30, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock.
Convertible Senior Notes, Due 2029
In March 2024, we issued $862.5 million aggregate principal amount of convertible notes, pursuant to an indenture, dated March 8, 2024, between the Company and U.S. Bank National Association, as trustee (“2029 convertible notes”). The 2029 convertible notes are unsecured, unsubordinated obligations. The 2029 convertible notes will pay interest at a rate of 1.25%, payable semi-annually beginning in September 2024. The 2029 convertible notes will mature on March 15, 2029, unless earlier repurchased, redeemed or converted.
Conversion
During the three months ended June 30, 2025, a conditional conversion feature of the 2029 convertible notes was met. Specifically, the last reported sale price of the Company’s common stock was more than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days. As a result of this condition being met, the 2029 convertible notes are convertible, in whole or in part, at the option of the holders from July 1, 2025 to September 30, 2025. Through August 7, 2025, no holder elected to convert their notes. Whether the 2029 convertible notes will be convertible following September 30, 2025 will depend on the continued satisfaction of this conversion condition or another conversion condition in the future.
Material Changes to Debt Arrangements
During the six months ended June 30, 2025, we opened one warehouse facility with a capacity of $450.0 million. We closed two warehouse facilities with an aggregate maximum available capacity of $250.0 million, and one warehouse facility matured.
Our warehouse and securitization debt is secured by a continuing lien and security interest in the loans financed by the proceeds. Within each of our debt facilities, we must comply with certain operating and financial covenants. These financial covenants include, but are not limited to, maintaining: (i) a certain minimum tangible net worth, (ii) minimum unrestricted cash and cash equivalents, (iii) a maximum leverage ratio of total debt to tangible net worth, and (iv) minimum risk-based capital
and leverage ratios. Our debt covenants can lead to restricted cash classifications in our condensed consolidated balance sheets. Our subsidiaries are restricted in the amount that can be distributed to the parent company only to the extent that such distributions would cause the financial covenants to not be met. We were in compliance with all financial covenants.
We act as a guarantor for our wholly-owned subsidiaries in several arrangements in the case of default. As of June 30, 2025, we have not identified any risks of nonpayment by our wholly-owned subsidiaries.
Maturities of Borrowings
Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
June 30, 2025
Remainder of 2025$— 
2026428,022 
2027— 
2028486,000 
2029862,500 
Thereafter— 
Total$1,776,522 
v3.25.2
Equity
6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity
Note 9. Equity
Temporary Equity
Pursuant to SoFi Technologies’ Certificate of Incorporation dated May 28, 2021, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $0.0001 per share (“SoFi Technologies Preferred Stock”) and 100,000,000 shares of redeemable preferred stock having a par value of $0.0000025 per share (“SoFi Technologies Redeemable Preferred Stock”). The Company’s Board of Directors has the authority to issue SoFi Technologies Preferred Stock and SoFi Technologies Redeemable Preferred Stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. The authorized shares of SoFi Technologies Redeemable Preferred Stock is inclusive of 4,500,000 shares of Series 1 redeemable preferred stock (“Series 1 Redeemable Preferred Stock”), which reflect the conversion on a one-for-one basis of shares of Social Finance Series 1 preferred stock in conjunction with the Business Combination. Shares of SoFi Technologies Series 1 Redeemable Preferred Stock that are redeemed, purchased or otherwise acquired by the Company will be canceled and may not be reissued by the Company. The Series 1 Redeemable Preferred Stock remained classified as temporary equity through redemption in May 2024 because the Series 1 Redeemable Preferred Stock was not fully controlled by the issuer, SoFi Technologies.
In May 2024, the Company redeemed all of the 3,234,000 shares of Series 1 Redeemable Preferred Stock outstanding, subsequent to which the Company had no Series 1 Redeemable Preferred Stock outstanding. During the three and six months ended June 30, 2024, the Series 1 preferred stockholders were entitled to dividends of $6,424 and $16,503, respectively. Payment for all accrued but unpaid dividends was made at the time of redemption.
Permanent Equity
On June 1, 2021, the Company’s common stock began trading on the Nasdaq Global Select Market under the ticker symbol “SOFI”. Pursuant to SoFi Technologies’ Certificate of Incorporation, the Company is authorized to issue 3,000,000,000 shares of common stock, with a par value of $0.0001 per share, and 100,000,000 shares of non-voting common stock, with a par value of $0.0001 per share. As of June 30, 2025, the Company had 1,113,442,968 shares of common stock and no shares of non-voting common stock issued and outstanding.
The Company reserved the following common stock for future issuance:
June 30,
2025
December 31,
2024
Outstanding stock options, restricted stock units and performance stock units
88,318,244 89,282,474 
Possible future issuance under stock plans
128,066,785 81,764,571 
Conversion of convertible notes(1)
19,096,202 19,096,202 
Total common stock reserved for future issuance
235,481,231 190,143,247 
____________________
(1)Represents the number of common stock issuable upon conversion of all convertible note principal at the conversion rate in effect at the balance sheet date. As of June 30, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. The principal amount of the 2029 convertible notes is to be settled by paying or delivering cash. See Note 8. Debt for additional information.
Dividends
Common stockholders and non-voting common stockholders are entitled to dividends when and if declared by the Board of Directors and subject to government regulation over banks and bank holding companies. There were no dividends declared or paid to common stockholders during the six months ended June 30, 2025 and 2024.
Voting Rights
Each holder of common stock has the right to one vote per share of common stock and is entitled to notice of any stockholder meeting. Non-voting common stock does not have any voting rights or other powers.
Accumulated Other Comprehensive Income (Loss)
AOCI primarily consists of accumulated net unrealized gains or losses associated with our investments in AFS debt securities and foreign currency translation adjustments. The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss):
AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal
Three Months Ended June 30, 2025
AOCI, beginning balance$2,103 $725 $2,828 
Other comprehensive income (loss) before reclassifications(1)
2,436 (563)1,873 
Amounts reclassified from AOCI into earnings(1,108)— (1,108)
Net current-period other comprehensive income (loss)(2)
1,328 (563)765 
AOCI, ending balance$3,431 $162 $3,593 
Three Months Ended June 30, 2024
AOCI, beginning balance$(2,901)$813 $(2,088)
Other comprehensive income (loss) before reclassifications(1)
741 (136)605 
Amounts reclassified from AOCI into earnings— — — 
Net current-period other comprehensive income (loss)(2)
741 (136)605 
AOCI, ending balance$(2,160)$677 $(1,483)
AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal
Six Months Ended June 30, 2025
AOCI, beginning balance$(9,359)$994 $(8,365)
Other comprehensive income (loss) before reclassifications(1)
13,898 (832)13,066 
Amounts reclassified from AOCI into earnings(1,108)— (1,108)
Net current-period other comprehensive income (loss)(2)
12,790 (832)11,958 
AOCI, ending balance$3,431 $162 $3,593 
Six Months Ended June 30, 2024
AOCI, beginning balance$(2,201)$992 $(1,209)
Other comprehensive income (loss) before reclassifications(1)
41 (315)(274)
Amounts reclassified from AOCI into earnings— — — 
Net current-period other comprehensive income (loss)(2)
41 (315)(274)
AOCI, ending balance$(2,160)$677 $(1,483)
____________________
(1)Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. There were no reclassifications related to foreign currency translation adjustments during any of the periods presented.
(2)There were no material tax impacts during any of the periods presented.
v3.25.2
Derivative Financial Instruments
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Note 10. Derivative Financial Instruments
The following table presents the gains (losses) recognized on our derivative instruments:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest rate swaps(1)
$(70,572)$67,376 $(202,308)$268,661 
Interest rate caps(1)
— (980)— (3,263)
Home loan pipeline hedges(1)
(714)1,223 (2,857)2,079 
Derivative contracts to manage future loan sale execution risk(71,286)67,619 (205,165)267,477 
Interest rate swaps(2)
(240)1,487 (1,334)7,550 
IRLCs(1)
1,980 

(561)

8,827 

(280)
Interest rate caps(1)
— 986 — 3,276 
Total
$(69,546)

$69,531 

$(197,672)

$278,023 
_____________________
(1) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
Certain derivative instruments are subject to enforceable master netting arrangements. Accordingly, we present our net asset or liability position by counterparty in the condensed consolidated balance sheets. Additionally, since our cash collateral balances do not approximate the fair value of the derivative position, we do not offset our right to reclaim cash collateral or obligation to return cash collateral against recognized derivative assets or liabilities. The following table presents information about derivative instruments subject to enforceable master netting arrangements:
June 30, 2025December 31, 2024
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$— $(57,000)$288,062 $— 
Home loan pipeline hedges— (1,934)928 (43)
Total, gross— (58,934)288,990 (43)
Derivative netting— — (43)43 
Total, net(1)
$— $(58,934)$288,947 $— 
_____________________
(1) As of June 30, 2025, we had a cash collateral requirement related to these instruments of $57,000. We did not have a cash collateral requirement related to these instruments as of December 31, 2024.
The following table presents the notional amount of derivative contracts outstanding:
June 30, 2025December 31, 2024
Derivative contracts to manage future loan sale execution risk:
Interest rate swaps$16,132,250 $14,829,500 
Home loan pipeline hedges364,000 228,000 
Interest rate swaps(1)
74,000 55,500 
IRLCs(2)
443,632 216,707 
Total
$17,013,882 

$15,329,707 
_____________________
(1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments.
(2) Amounts correspond with home loan funding commitments subject to IRLC agreements.
While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 11. Fair Value Measurements for additional information on our derivative assets and liabilities.
v3.25.2
Fair Value Measurements
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 11. Fair Value Measurements
Recurring Fair Value Measurements
The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets:
June 30, 2025December 31, 2024
Fair ValueFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
U.S. Treasury securities
$230,332 $— $— $230,332 $273,652 $— $— $273,652 
Agency mortgage-backed securities(1)
— 1,999,562 — 1,999,562 — 1,526,394 — 1,526,394 
Corporate bonds(1)
— 2,225 — 2,225 — 3,217 — 3,217 
Other(1)
— 816 — 816 — 780 — 780 
Asset-backed bonds(2)
— 110,645 — 110,645 — 66,252 — 66,252 
Residual investments(2)
— — 31,230 31,230 — — 25,394 25,394 
Investment securities(3)
230,332 2,113,248 31,230 2,374,810 273,652 1,596,643 25,394 1,895,689 
Loans at fair value(4)
— 118,031 30,604,939 30,722,970 — 66,928 26,215,332 26,282,260 
Servicing rights— — 375,006 375,006 — — 342,128 342,128 
Third party warrants(5)(6)
— — 540 540 — — 540 540 
Derivative assets(5)(7)(8)
— — — — — 288,990 — 288,990 
IRLCs(5)(9)
— — 10,054 10,054 — — 1,227 1,227 
Student loan commitments(5)(9)
— — 1,138 1,138 — — 6,042 6,042 
Total assets
$230,332 $2,231,279 $31,022,907 $33,484,518 $273,652 $1,952,561 $26,590,663 $28,816,876 
Liabilities
Debt(10)
$— $59,747 $— $59,747 $— $80,878 $— $80,878 
Residual interests classified as debt— — 554 554 — — 609 609 
Derivative liabilities(5)(7)(8)
— 58,934 — 58,934 — 43 — 43 
Total liabilities
$— $118,681 $554 $119,235 $— $80,921 $609 $81,530 
_____________________
(1)Investments in debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 5. Investment Securities for additional information.
(2)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 6. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. See Note 5. Investment Securities for additional information on the asset-backed bonds and residual investments included herein which are classified as available for sale.
(3)These assets are presented within investment securities in the condensed consolidated balance sheets.
(4)Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, and student loans are presented within loans held for investment, at fair value.
(5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the condensed consolidated balance sheets.
(6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial.
(7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 10. Derivative Financial Instruments for additional information.
(8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of June 30, 2025 and December 31, 2024, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets.
(9)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date.
(10)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of June 30, 2025 and December 31, 2024, the unpaid principal related to debt measured at fair value was $63,101 and $85,160, respectively. For the three and six months ended June 30, 2025, gains (losses) from changes in fair value were immaterial. For the three and six months ended June 30, 2024, losses from changes in fair value were $1,037 and $2,464, respectively. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the three and six months ended June 30, 2025 and 2024.
Level 3 Recurring Fair Value Rollforward
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented.
Fair Value atFair Value at
March 31,
2025
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,869,230 $(10,430)$2,032 $(290,015)$4,519,171 $(2,486,773)$722 $19,603,937 
Student loans9,571,457 100,161 698,901 — 993,326 (621,766)(438)10,741,641 
Home loans268,778 4,150 — (266,469)257,994 (5,092)— 259,361 
Loans at fair value(1)
27,709,465 93,881 700,933 (556,484)5,770,491 (3,113,631)284 30,604,939 
Servicing rights(2)
389,780 (16,925)3,573 (5,841)40,323 (35,904)— 375,006 
Residual investments(3)
28,730 671 3,827 (313)— (1,685)— 31,230 
IRLCs(4)
8,074 10,054 — — — (8,074)— 10,054 
Student loan commitments(4)
471 1,138 — — — (471)— 1,138 
Third party warrants(5)
540 — — — — — — 540 
Liabilities
Residual interests classified as debt(3)
(579)(12)— — — 37 — (554)
Net impact on earnings$88,807 
Fair Value atFair Value at
January 1,
2025
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,532,396 $(83,855)$4,930 $(1,485,419)$8,496,841 $(4,859,930)$(1,026)$19,603,937 
Student loans8,597,368 225,930 898,970 — 2,184,789 (1,167,012)1,596 10,741,641 
Home loans85,568 13,430 — (266,469)433,225 (6,393)— 259,361 
Loans at fair value(1)
26,215,332 155,505 903,900 (1,751,888)11,114,855 (6,033,335)570 30,604,939 
Servicing rights(2)
342,128 (15,851)7,210 (7,781)129,254 (79,954)— 375,006 
Residual investments(3)
25,394 1,335 8,082 (313)— (3,268)— 31,230 
IRLCs(4)
1,227 18,128 — — — (9,301)— 10,054 
Student loan commitments(4)
6,042 1,609 — — — (6,513)— 1,138 
Third party warrants(5)
540 — — — — — — 540 
Liabilities
Residual interests classified as debt(3)
(609)(47)— — — 102 — (554)
Net impact on earnings$160,679 
Fair Value atFair Value at
March 31,
2024
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2024
Assets
Personal loans$15,057,005 $(142,269)$696 $(1,199,368)$4,192,114 $(2,110,044)$(706)$15,797,428 
Student loans6,834,161 (8,592)101 — 736,518 (368,964)1,538 7,194,762 
Loans at fair value(1)
21,891,166 (150,861)797 (1,199,368)4,928,632 (2,479,008)832 22,992,190 
Servicing rights(2)
240,752 1,654 1,227 — 78,745 (31,049)— 291,329 
Residual investments(3)
35,853 213 — — — (3,551)— 32,515 
IRLCs(4)
2,436 1,875 — — — (2,436)— 1,875 
Student loan commitments(4)
314 569 — — — (314)— 569 
Third party warrants(5)
630 — — — — — — 630 
Liabilities
Residual interests classified as debt(3)
(4,129)(1)— — — 3,406 — (724)
Net impact on earnings$(146,551)
Fair Value atFair Value at
January 1,
2024
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2024
Assets
Personal loans$15,330,573 $(411,695)$17,276 $(2,462,222)$7,470,996 $(4,145,741)$(1,759)$15,797,428 
Student loans6,725,484 (25,709)101 (294,187)1,488,198 (704,901)5,776 7,194,762 
Loans at fair value(1)
22,056,057 (437,404)17,377 (2,756,409)8,959,194 (4,850,642)4,017 22,992,190 
Servicing rights(2)
180,469 6,880 2,207 (53)154,299 (52,473)— 291,329 
Residual investments(3)
35,920 945 2,553 — — (6,903)— 32,515 
IRLCs(4)
2,155 4,311 — — — (4,591)— 1,875 
Student loan commitments(4)
5,465 883 — — — (5,779)— 569 
Third party warrants(5)
630 — — — — — — 630 
Liabilities
Residual interests classified as debt(3)
(7,396)(74)— — — 6,746 — (724)
Net impact on earnings$(424,459)
_____________________
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $604.8 million and $804.8 million during the three and six months ended June 30, 2025, respectively, and securitization clean-up calls of $94.1 million during each of the three and six months ended June 30, 2025. Purchase activity included elective repurchases of $16.6 million during the six months ended June 30, 2024. There were no elective repurchases during the three months ended June 30, 2024. There were no securitization clean-up calls during the June 30, 2024 periods. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, securitizations and servicing, and within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
Loans at Fair Value
Gains and losses recognized in earnings include changes in accumulated interest and fair value adjustments on loans originated during the period and on loans held at the balance sheet date, as well as loan charge-offs. Changes in fair value are primarily impacted by valuation assumption changes as well as sales price execution. The estimated amount of gains included in earnings attributable to changes in instrument-specific credit risk were $62,784 and $113,753 during the three and six months ended June 30, 2025, respectively, and $17,390 and $58,214 during the three and six months ended June 30, 2024, respectively. The gains attributable to instrument-specific credit risk were estimated by incorporating our current default and loss severity assumptions for the loans. These assumptions are based on historical performance, market trends and performance expectations over the term of the underlying instrument.
Level 3 Significant Inputs
Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Level 3 fair value measurements include unobservable inputs for assets or liabilities for which there is little or no market data, which requires us to develop our own assumptions. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the asset or liability.
Loans
The following key unobservable assumptions were used in the fair value measurement of our loans:
June 30, 2025December 31, 2024
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
21.4% – 34.3%
26.45%
20.9% – 32.2%
26.01%
Annual default rate
2.9% – 59.6%
4.28%
4.4% – 51.2%
4.55%
Discount rate
4.7% – 7.0%
4.67%
5.3% – 7.4%
5.29%
Student loans
Conditional prepayment rate
9.5% – 12.4%
11.28%
8.6% – 11.9%
10.95%
Annual default rate
0.4% – 7.4%
0.67%
0.4% – 7.1%
0.73%
Discount rate
3.7% – 8.2%
3.97%
4.2% – 8.2%
4.40%
Home loans
Conditional prepayment rate
6.4% – 22.0%
14.27%
6.7% – 23.6%
14.77%
Annual default rate
0.1% – 1.9%
0.56%
0.1% – 3.5%
0.56%
Discount rate
5.8% – 6.4%
6.09%
5.0% – 9.2%
7.47%
The key assumptions are defined as follows:
Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Annual default rate — The annualized rate of borrowers who do not make loan payments on time. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the loans. The discount rate is primarily determined based on an underlying benchmark rate curve and spread(s), the latter of which is determined based on factors including, but not limited to, weighted average coupon rate, prepayment rate, default rate and resulting expected duration of the assets. An increase in the discount rate, in
isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
See Note 3. Loans for additional loan fair value disclosures.
Servicing Rights
Servicing rights for personal loans and student loans do not trade in an active market with readily observable prices. Similarly, home loan servicing rights infrequently trade in an active market. At the time of the underlying loan sale or the assumption of servicing rights, the fair value of servicing rights is determined using a discounted cash flow methodology based on observable and unobservable inputs. Management classifies servicing rights as Level 3 due to the use of significant unobservable inputs in the fair value measurement.
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
June 30, 2025December 31, 2024
RangeWeighted AverageRange
Weighted Average
Personal loans
Market servicing costs
0.1% – 2.1%
0.2%
0.1% – 1.6%
0.2%
Conditional prepayment rate
9.0% – 43.5%
25.7%
7.5% – 36.7%
25.4%
Annual default rate
3.0% – 40.0%
4.9%
3.0% – 18.0%
4.5%
Discount rate
8.5% – 19.1%
9.7%
8.5% – 18.5%
9.4%
Student loans
Market servicing costs
0.1% – 0.3%
0.1%
0.1% – 0.3%
0.1%
Conditional prepayment rate
7.1% – 19.4%
12.4%
7.6% – 18.1%
11.9%
Annual default rate
0.3% – 3.7%
0.9%
0.3% – 3.7%
0.8%
Discount rate
8.5% – 8.5%
8.5%
8.5% – 8.5%
8.5%
Home loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
5.3% – 22.0%
7.7%
5.0% – 25.0%
6.9%
Annual default rate
0.0% – 0.1%
0.1%
0.0% – 0.1%
0.1%
Discount rate
9.3% – 10.0%
9.3%
9.3% – 10.0%
9.3%
The key assumptions are defined as follows:
Market servicing costs — The fee a willing market participant, which we validate through actual third-party bids for our servicing, would require for the servicing of personal loans, student loans and home loans with similar characteristics as those in our serviced portfolio. An increase in the market servicing cost, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Annual default rate — The annualized rate of default within the total serviced loan balance. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the servicing rights. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes:
June 30, 2025December 31, 2024
Market servicing costs
2.5 basis points increase
$(7,937)

$(6,485)
5.0 basis points increase
(15,903)

(13,014)
Conditional prepayment rate
10% increase
$(11,317)

$(8,344)
20% increase
(22,025)

(16,255)
Annual default rate
10% increase
$(945)

$(662)
20% increase
(1,881)

(1,319)
Discount rate
100 basis points increase
$(6,789)

$(6,370)
200 basis points increase
(13,194)

(12,344)
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the effect of an adverse variation in a particular assumption on the fair value of our servicing rights is calculated while holding the other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects.
Residual Investments and Residual Interests Classified as Debt
Residual investments and residual interests classified as debt do not trade in active markets with readily observable prices, and there is limited observable market data for reference. The fair values of residual investments and residual interests classified as debt are determined using a discounted cash flow methodology. Management classifies residual investments and residual interests classified as debt as Level 3 due to the use of significant unobservable inputs in the fair value measurements.
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
June 30, 2025December 31, 2024
Range

Weighted Average

Range
Weighted Average
Residual investments
Conditional prepayment rate
11.0% – 36.5%
19.2%
11.0% – 32.7%
16.0%
Annual default rate
0.6% – 7.8%
2.8%
0.5% – 7.8%
1.8%
Discount rate
5.5% – 30.0%
10.5%
5.5% – 30.0%
8.6%
Residual interests classified as debt
Conditional prepayment rate
12.4% – 12.4%
12.4%
11.9% – 11.9%
11.9%
Annual default rate
1.0% – 1.0%
1.0%
1.0% – 1.0%
1.0%
Discount rate
9.5% – 9.5%
9.5%
10.3% – 10.3%
10.3%
The key assumptions are defined as follows:
Conditional prepayment rate — The monthly annualized proportion of the principal of a pool of loans that is assumed to be paid off prematurely in each period for the pool of loans in the securitization. An increase in the conditional prepayment rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Annual default rate — The annualized rate of borrowers who fail to remain current on their loans for the pool of loans in the securitization. An increase in the annual default rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Discount rate — The weighted average rate at which the expected cash flows are discounted to arrive at the net present value of the residual investments and residual interests classified as debt. An increase in the discount rate, in isolation, would result in a decrease in a fair value measurement. The weighted average assumption was weighted based on relative fair value.
Loan Commitments
We classify student loan commitments as Level 3 because the assets do not trade in an active market with readily observable prices and, as such, our valuations utilize significant unobservable inputs. Additionally, we classify IRLCs as Level 3, as our IRLCs are inherently uncertain and unobservable given that a home loan origination is contingent on a variety of factors. The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
June 30, 2025December 31, 2024
RangeWeighted AverageRange
Weighted Average
IRLCs
Loan funding probability(1)
64.0% – 75.4%
71.0%
58.1% – 79.7%
71.8%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% – 95.0%
95.0%
___________________
(1)The aggregate amount of student loans we committed to fund was $36,562 and $149,402 as of June 30, 2025 and December 31, 2024, respectively. See Note 10. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The key assumption is defined as follows:
Loan funding probability — Our expectation of the percentage of IRLCs or student loan commitments which will become funded loans. A significant difference between the actual funded rate and the assumed funded rate at the measurement date could result in a significantly higher or lower fair value measurement of our IRLCs and student loan commitments. An increase in the loan funding probabilities, in isolation, would result in an increase in a fair value measurement. The weighted average assumptions were weighted based on relative fair values.
Financial Instruments Not Measured at Fair Value
The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the condensed consolidated balance sheets:
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
June 30, 2025
Assets
Cash and cash equivalents(1)
$2,122,502 $2,122,502 $— $— $2,122,502 
Restricted cash and restricted cash equivalents(1)
592,101 592,101 — — 592,101 
Loans(2)
1,495,145 — — 1,524,946 1,524,946 
Other investments(3)
124,384 — 124,384 — 124,384 
Total assets
$4,334,132 $2,714,603 $124,384 $1,524,946 $4,363,933 
Liabilities
Deposits(4)
$29,540,674 $— $29,543,141 $— $29,543,141 
Debt(5)
3,882,889 2,228,386 2,610,899 — 4,839,285 
Total liabilities
$33,423,563 $2,228,386 $32,154,040 $— $34,382,426 
December 31, 2024
Assets
Cash and cash equivalents(1)
$2,538,293 $2,538,293 $— $— $2,538,293 
Restricted cash and restricted cash equivalents(1)
171,067 171,067 — — 171,067 
Loans(2)
1,246,458 — — 1,274,080 1,274,080 
Other investments(3)
109,417 — 109,417 — 109,417 
Total assets
$4,065,235 $2,709,360 $109,417 $1,274,080 $4,092,857 
Liabilities
Deposits(4)
$25,978,204 $— $25,979,896 $— $25,979,896 
Debt(5)
3,011,814 1,994,381 1,742,884 — 3,737,265 
Total liabilities
$28,990,018 $1,994,381 $27,722,780 $— $29,717,161 
___________________
(1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts.
(2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of cost or market and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.
(3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets.
(4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities.
(5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $472.2 million and $453.5 million as of June 30, 2025 and December 31, 2024, respectively. The estimated fair value of our 2029 convertible notes was $1.8 billion and $1.5 billion as of June 30, 2025 and December 31, 2024, respectively. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
Nonrecurring Fair Value Measurements
Investments in equity securities of $49,646 and $29,500 as of June 30, 2025 and December 31, 2024, respectively, which are presented within other assets in the condensed consolidated balance sheets, include investments for which fair values
are not readily determinable, which we elect to measure using the measurement alternative method of accounting. The fair value measurements are classified within Level 3 of the fair value hierarchy due to the use of unobservable inputs in the fair value measurements. The balances were primarily composed of investments of $47,500 and $27,500 as of June 30, 2025 and December 31, 2024, respectively, valued under the measurement alternative method.
v3.25.2
Share-Based Compensation
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
Note 12. Share-Based Compensation
2021 Stock Option and Incentive Plan
The 2021 Stock Option and Incentive Plan (the “2021 Plan”) allows for the issuance of stock options, stock appreciation rights, restricted stock, RSUs (including PSUs), dividend equivalents and other stock or cash based awards for issuance to its employees, non-employee directors and non-employee third parties. Shares associated with option exercises and RSU vesting are issued from the authorized pool.
Effective January 1, 2023, we approved a plan to allow our non-employee directors to elect, on an annual basis, to defer their cash retainers into equity awards, and/or to defer their RSU grants, which vest in accordance with the grant terms (collectively referred to as DSUs). DSUs are equity awards that entitle the holder to shares of our common stock when the awards vest. Directors may choose to receive their deferred stock distributions in a lump sum or in installments over different time periods. DSUs are measured based on the fair value of our common stock on the date of grant. DSU activity is presented with RSUs in the disclosures below.
2024 Employee Stock Purchase Plan
The 2024 Employee Stock Purchase Plan (the “2024 ESPP”) allows for the issuance of common stock pursuant to our ESPP. Our ESPP provides permitted eligible employees the right to purchase shares of the Company's common stock through payroll deductions of up to 15% of their eligible compensation, subject to certain limitations.
Compensation and Benefits
Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the condensed consolidated statements of operations and comprehensive income:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Technology and product development$21,977 $21,745 $45,884 $41,024 
Sales and marketing5,296 5,372 10,648 10,334 
Cost of operations3,343 3,381 6,768 6,299 
General and administrative32,640 30,559 63,712 58,482 
Total
$63,256 

$61,057 

$127,012 

$116,139 
Total compensation and benefits, inclusive of share-based compensation expense, was $269,799 and $538,405 for the three and six months ended June 30, 2025, respectively, and $221,773 and $430,019 for the three and six months ended June 30, 2024, respectively. Compensation and benefits expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income.
Stock Options
The following is a summary of stock option activity:
Number of
Stock Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
(in years)
Outstanding as of January 1, 202514,810,602 $7.85 3.1
Exercised(133,779)5.77 
Expired
(8,748)6.20 
Outstanding as of June 30, 202514,668,075 $7.87 2.6
Exercisable as of June 30, 202514,668,075 $7.87 2.6
As of June 30, 2025, there was no unrecognized compensation cost related to unvested stock options.
Restricted Stock Units
RSUs, inclusive of DSUs, are equity awards granted to employees that entitle the holder to shares of our common stock when the awards vest. RSUs are measured based on the fair value of our common stock on the date of grant.
The following table summarizes RSU activity:
Number of
RSUs
Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202560,423,369 $7.77 
Granted
18,368,182 12.67 
Vested(1)
(17,776,848)8.19 
Forfeited
(2,784,131)8.32 
Outstanding as of June 30, 2025
58,230,572$9.16 
________________________
(1)The total fair value, based on grant date fair value, of RSUs that vested during the six months ended June 30, 2025 was $145.7 million.
As of June 30, 2025, there was $497.7 million of unrecognized compensation cost related to unvested RSUs, inclusive of DSUs, which will be recognized over a weighted average period of approximately 2.3 years.
Performance Stock Units
The following table summarizes PSU activity:
Number of
PSUs
Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202514,048,503 $10.81 
Granted
1,820,753 13.42 
Forfeited
(449,659)7.52 
Outstanding as of June 30, 2025
15,419,597 $11.21 
Compensation cost associated with PSUs is recognized using the accelerated attribution method for each of the three vesting tranches over the respective derived service period. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model.
During 2025, we granted PSUs that will vest, if at all, at the conclusion of a three-year measurement period commencing January 1, 2025, subject to the achievement of specified performance goals, such as such as absolute growth in tangible book value, total risk weighted capital ratio, and relative total shareholder return. We determined the grant-date fair value of PSUs utilizing a Monte Carlo simulation model.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
Six Months Ended June 30,
Input20252024
Risk-free interest rate
3.9%4.5%
Expected volatility
64.3%73.0%
Fair value of common stock
$11.26$8.02
Dividend yield
—%—%
Our use of a Monte Carlo simulation model requires the use of subjective assumptions:
Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the remaining term of the PSUs.
Expected volatility — Based on the implied volatility of our common stock from a set of comparable publicly-traded companies.
Fair value of common stock — Based on the closing stock price on the date of grant.
Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders.
As of June 30, 2025, there was $38.0 million of unrecognized compensation cost related to unvested PSUs, which will be recognized over a weighted average period of approximately 2.4 years.
Employee Stock Purchase Plan
Compensation expense for the ESPP relates to the 15% discount and is calculated as of the beginning of the offering period as the fair value of the employees’ purchase rights utilizing the Black-Scholes Model and compensation expense is recognized over the offering period.
The table below presents the fair value assumptions used for the period indicated:
InputSix Months Ended
June 30, 2025
Risk-free interest rate
4.3%
Expected term (in years)
0.5
Expected volatility
61.9%
Fair value of common stock

$14.70
Dividend yield
—%
Our use of a Black-Scholes Model requires the use of subjective assumptions:
Risk-free interest rate — Based on the U.S. Treasury rate at the time of grant commensurate with the offering period.
Expected term — Based on the 6-month offering period and corresponding purchase period.
Expected volatility — Based on the historical volatility at the offering date, over a historical period equal to the expected term.
Fair value of common stock — Based on the closing stock price on the date of grant (first day of offering period).
Dividend yield — We assumed no dividend yield because we have historically not paid out dividends to common stockholders.
As of June 30, 2025, there was $5.5 million of unrecognized compensation cost related to the ESPP, to be recognized over the remainder of the six-month offering period ending in December 2025.
v3.25.2
Income Taxes
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 13. Income Taxes
For interim periods, we follow the general recognition approach whereby tax expense is recognized using an estimated annual effective tax rate, which is applied to the year-to-date operating results. Additionally, we recognize tax expense or benefit for any discrete items occurring within the interim period that were excluded from the estimated annual effective tax rate. Our effective tax rate may be subject to fluctuations during the year due to impacts from the following items: (i) changes in forecasted pre-tax and taxable income or loss, (ii) changes in statutory law or regulations in jurisdictions where we operate, (iii) audits or settlements with taxing authorities, (iv) the tax impact of expanded product offerings or business acquisitions, and (v) changes in valuation allowance assumptions.
For the three and six months ended June 30, 2025, we recorded income tax expense of $(14,929) and $(23,595), respectively. For the three and six months ended June 30, 2024, we recorded income tax (expense) benefit of $2,064 and $(4,119), respectively. The income tax expense recognized in 2025 is primarily attributable to the Company’s profitability and discrete tax benefits for stock compensation recorded in each quarter.

There were no material changes to our unrecognized tax benefits during the six months ended June 30, 2025, and we do not expect any other significant increases or decreases to unrecognized tax benefits within the next twelve months.
Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination of whether a valuation allowance is necessary, the Company considers all available positive and negative evidence supporting the allowance. During the six months ended June 30, 2025, we continue to maintain a valuation allowance in certain state and foreign jurisdictions where sufficient positive evidence does not exist to support the realizability of deferred tax assets. Management will continue to assess the need for a valuation allowance in future periods.
v3.25.2
Commitments, Guarantees, Concentrations and Contingencies
6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Guarantees, Concentrations and Contingencies
Note 14. Commitments, Guarantees, Concentrations and Contingencies
Leases and Occupancy
Our leases consist of operating and finance leases, the latter of which expire in 2040.
Leases
We primarily lease our office premises under multi-year, non-cancelable operating leases. Our operating leases have terms expiring from 2025 to 2040, exclusive of renewal option periods. Our office leases contain renewal option periods ranging from one to ten years from the expiration dates. These options were not recognized as part of our ROU assets and operating lease liabilities, as we did not conclude at the commencement date of the leases that we were reasonably certain to exercise these options. However, in our normal course of business, we expect our office leases to be renewed, amended or replaced by other leases. We also have operating and finance leases associated with various naming and sponsorship rights agreements. Associated with these leases, we obtained non-cash operating lease ROU assets in exchange for operating lease liabilities of $4,352 during the six months ended June 30, 2025.
Occupancy
Occupancy-related costs, which primarily relate to the operations of our leased office spaces, were $8,045 and $16,165 during the three and six months ended June 30, 2025, respectively, and $7,931 and $15,689, during the three and six months ended June 30, 2024, respectively. Occupancy-related expenses are presented within the following categories of expenses within noninterest expense: (i) technology and product development, (ii) sales and marketing, (iii) cost of operations, and (iv) general and administrative in the condensed consolidated statements of operations and comprehensive income.
Concentrations
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and restricted cash equivalents, residual investments and loans. We hold cash and cash
equivalents and restricted cash and restricted cash equivalents in accounts at regulated domestic financial institutions in amounts that may exceed FDIC insured amounts. We believe these institutions are of high credit quality.
We are dependent on third-party funding sources and deposit balances to originate loans. Additionally, we sell loans to various third parties. We have historically sold loans to a limited pool of third-party buyers. No individual third-party buyer accounted for 10% or more of consolidated total net revenues for the periods presented.
Within our Technology Platform segment, we have a relatively smaller number of clients compared to our lending and financial services businesses. As such, the loss of one or a few of our top clients could be significant to that portion of our business. No individual client accounted for 10% or more of consolidated total net revenues for the periods presented.
The Company is exposed to default risk on borrower loans originated and financed by us. There is no single borrower or group of borrowers that comprise a significant concentration of the Company’s loan portfolio. Likewise, the Company is not overly concentrated within a group of channel partners or other customers, with the exception of our distribution of personal loan residual interests in our sponsored personal loan securitizations, which we market to third parties, and the aforementioned whole loan buyers. Given we have a limited number of prospective buyers for our personal loan securitization residual interests, this might result in our utilization of a significant amount of deposits or our own capital to fund future residual interests in personal loan securitizations, or impact the execution of future securitizations if we are limited in our own ability to invest in the residual interest portion of future securitizations, or find willing buyers for securitization residual interests.
Contingencies
Legal Proceedings
In the ordinary course of business, the Company may be subject to a variety of pending legal proceedings. While we are unable to predict the ultimate outcome of these actions, we believe that any ultimate liability arising from any of these actions will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. Our assessments are based on our knowledge and historical experience, as well as the specific facts and circumstances asserted, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Regardless of the final outcome, defending lawsuits, claims, government and self-regulatory organization investigations, and proceedings in which we are involved is costly and can impose a significant burden on management and employees, and there can be no assurances that we will receive favorable final outcomes.
Guarantees
We have three types of repurchase obligations that we account for as financial guarantees, which are disclosed in our Annual Report on Form 10-K. In the event of a repurchase, we are typically required to pay the purchase price of the loans transferred.
As of June 30, 2025 and December 31, 2024, we accrued liabilities within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets of $14.2 million and $11.9 million, respectively, related to our estimated repurchase obligation. The corresponding charges for changes in the estimated obligation are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income or within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income in connection with transfers of loans held for sale and carried at the lower of amortized cost or fair value as part of our Loan Platform Business. As of June 30, 2025 and December 31, 2024, the amounts associated with loans sold that were subject to the terms and conditions of our repurchase obligations totaled $12.8 billion and $12.5 billion, respectively.
As of both June 30, 2025 and December 31, 2024, we had a total of $5.6 million in letters of credit outstanding with financial institutions, which were issued for the purpose of securing certain of our operating lease obligations. A portion of the letters of credit was collateralized by $1.3 million of our cash as of June 30, 2025 and December 31, 2024, which is included within restricted cash and restricted cash equivalents in the condensed consolidated balance sheets.
As of both June 30, 2025 and December 31, 2024, we had a total of $25.2 million in letters of credit outstanding with the FHLB, which serve as collateral for public deposits and were collateralized by loans.
Commitments
As part of our community reinvestment initiatives, we have a commitment to fund a line of credit to be used to finance housing and stimulate economic development in low- to moderate-income communities. As of June 30, 2025, we funded $6.3 million of loans, which are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets, and had $18.7 million of the total $25.0 million commitment outstanding.
Mortgage Banking Regulatory Mandates
We are subject to certain state-imposed minimum net worth requirements for the states in which we are engaged in the business of a residential mortgage lender. Noncompliance with these requirements on an annual basis could result in potential fines or penalties imposed by the applicable state. Future events or changes in mandates may affect our ability to meet mortgage banking regulatory requirements. As of June 30, 2025 and December 31, 2024, we were in compliance with all minimum net worth requirements; therefore, we have not accrued any liabilities related to fines or penalties.
v3.25.2
Earnings Per Share
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
Note 15. Earnings Per Share
Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. To calculate net income attributable to common stockholders for each period presented, we adjust the numerator for basic and diluted EPS for the impact of the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock and the impact of redemption activity, if applicable. In May 2024, the Company redeemed all Series 1 Redeemable Preferred Stock outstanding. See Note 9. Equity for additional information.
Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.
Diluted EPS is computed by dividing net income attributable to common stockholders, as adjusted for activity related to convertible notes, net of tax, if dilutive and applicable, by the weighted average number of shares of common stock outstanding during the period plus the effect of dilutive potential common shares. These potential common shares relate to (i) contingently issuable shares including PSU awards which require future service as a condition of delivery of the underlying common stock as determined using contingently issuable share guidance, (ii) outstanding RSUs, options, warrants and shares issuable under the ESPP as determined using the treasury stock method, and (iii) shares issuable upon conversion of convertible notes as determined using the if-converted method. The adjustment for convertible notes reflects the conversion price at the end of the reporting period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted EPS in the periods where their inclusion would have been anti-dilutive.
The calculations of basic and diluted earnings per share were as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ and shares in thousands, except per share amounts)(1)
2025202420252024
Numerator:
Net income$97,263 $17,404 $168,379 $105,447 
Less: Redeemable preferred stock dividends
— (6,424)— (16,503)
Less: Redeemable preferred stock redemptions, net(2)
— (3,026)— (3,026)
Net income attributable to common stockholders – basic
$97,263 $7,954 $168,379 $85,918 
Plus: Dilutive effect of convertible notes, net(3)
351 — 690 (55,829)
Net income attributable to common stockholders – diluted(3)
$97,614 $7,954 $169,069 $30,089 
Denominator:
Weighted average common stock outstanding – basic
1,107,006 1,058,592 1,102,525 1,020,605 
Convertible notes(4)
44,953 — 47,731 12,502 
Unvested RSUs24,899 5,290 27,571 7,521 
Common stock options5,941 1,289 6,330 1,775 
ESPP78 — 39 — 
Weighted average common stock outstanding – diluted
1,182,877 1,065,171 1,184,197 1,042,403 
Earnings per share – basic
$0.09 $0.01 $0.15 $0.08 
Earnings per share – diluted
$0.08 $0.01 $0.14 $0.03 
________________________
(1)Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.
(2)In May 2024, we redeemed all outstanding Series 1 Redeemable Preferred Stock. The premium of $3,026 for the excess of the amount paid upon redemption over the carrying value of redeemable preferred stock at the time of exercise is considered to be akin to a dividend, and as such is deducted from net income (loss) to determine the net income (loss) attributable to common stockholders. See Note 9. Equity for additional information.
(3)Reflects interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. For the six months ended June 30, 2024, diluted earnings per share of $0.03 and diluted net income attributable to common stockholders of $30,089 also exclude gain on extinguishment of debt, net of tax.
(4)For the three and six months ended June 30, 2025, includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes. For the six months ended June 30, 2024, includes incremental dilutive shares from 2026 convertible notes.
The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive.
Three Months Ended June 30,Six Months Ended June 30,
(Shares in thousands)
2025

2024

2025

2024
Unvested RSUs(1)
4,157 25,115 3,612 21,163 
Common stock options(1)
— 9,573 — 8,570 
Unvested PSUs
15,420 14,327 15,420 14,327 
ESPP
284 — 651 — 
Contingent common stock(2)
46 46 46 46 
Convertible notes
— 22,842 — 22,842 
________________________
(1)Amounts reflect weighted average instruments outstanding.
(2)Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023.
v3.25.2
Business Segment Information
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information
Note 16. Business Segment Information
We have three reportable segments: Lending, Technology Platform and Financial Services. Each of our reportable segments is a strategic business unit that serves specific needs of our members based on the products and services provided.
Assets are not allocated to reportable segments, as our CODM does not evaluate reportable segments using discrete asset information. Refer to our Annual Report on Form 10-K for discussion of our segment organization.
Segment Results
The following tables present financial information, including the measure of contribution profit, for each reportable segment. Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
Three Months Ended June 30, 2025
Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$372,675 $266 $193,322 $566,263 $(48,426)$517,837 
Noninterest income (expense)(2)
70,837 109,567 169,211 349,615 (12,508)337,107 
Total net revenue (loss)$443,512 $109,833 $362,533 $915,878 $(60,934)$854,944 
Provision for credit losses
— — (10,031)(10,031)
Servicing rights – change in valuation inputs or assumptions(3)
3,274 — — 3,274 
Residual interests classified as debt – change in valuation inputs or assumptions(4)
12 — — 12 
Directly attributable expenses(5):
Compensation and benefits(42,749)(44,168)(38,143)
Direct advertising(79,313)— (8,423)
Lead generation(49,558)— (33,180)
Loan origination and servicing costs(19,634)— — 
Product fulfillment— (15,250)(19,036)
Tools and subscriptions— (10,688)— 
Member incentives— — (18,003)
Professional services(3,505)(3,906)(6,475)
Intercompany technology platform expenses(477)— (13,320)
Other(6,852)(2,626)(27,690)
Directly attributable expenses
(202,088)(76,638)(164,270)(442,996)
Contribution profit
$244,710 $33,195 $188,232 $466,137 
Three Months Ended June 30, 2024
Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$279,212 $555 $139,229 $418,996 $(6,412)$412,584 
Noninterest income (expense)(2)
61,493 94,883 36,903 193,279 (7,245)186,034 
Total net revenue (loss)$340,705 $95,438 $176,132 $612,275 $(13,657)$598,618 
Provision for credit losses

— 

— 

(11,634)

(11,634)




Servicing rights – change in valuation inputs or assumptions(3)
(1,654)— — (1,654)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
— — 
Directly attributable expenses(5):






Compensation and benefits
(30,625)(35,389)(32,309)
Direct advertising
(55,826)— (6,190)
Lead generation
(32,194)— (7,452)
Loan origination and servicing costs
(12,181)— — 
Product fulfillment
— (14,929)(17,221)
Tools and subscriptions
— (6,247)— 
Member incentives
— — (22,285)
Professional services

(2,777)

(3,226)

(4,489)






Intercompany technology platform expenses
(436)— (5,533)
Other
(7,075)(4,496)(13,799)
Directly attributable expenses(141,114)(64,287)(109,278)(314,679)
Contribution profit$197,938 $31,151 $55,220 $284,309 
Six Months Ended June 30, 2025
Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)
$733,296 $679 $366,521 $1,100,496 $(83,933)$1,016,563 
Noninterest income (expense)(2)
123,589 212,581 299,131 635,301 (25,161)610,140 
Total net revenue (loss)
$856,885 $213,260 $665,652 $1,735,797 $(109,094)$1,626,703 
Provision for credit losses
— — (15,670)(15,670)
Servicing rights – change in valuation inputs or assumptions(3)
2,200 — — 2,200 
Residual interests classified as debt – change in valuation inputs or assumptions(4)
47 — — 47 
Directly attributable expenses(5):
Compensation and benefits(78,638)(88,654)(80,622)
Direct advertising(147,082)— (14,099)
Lead generation(89,803)— (64,848)
Loan origination and servicing costs(38,355)— — 
Product fulfillment— (29,212)(37,737)
Tools and subscriptions— (17,578)— 
Member incentives— — (34,086)
Professional services(5,740)(6,576)(13,732)
Intercompany technology platform expenses(966)— (24,341)
Other(14,903)(7,132)(43,953)
Directly attributable expenses(375,487)(149,152)(313,418)(838,057)
Contribution profit
$483,645 $64,108 $336,564 $884,317 
Six Months Ended June 30, 2024Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income
$545,748 $1,056 $258,942 $805,746 $9,556 $815,302 
Noninterest income(2)
125,433 188,748 67,741 381,922 46,389 428,311 
Total net revenue
$671,181 $189,804 $326,683 $1,187,668 $55,945 $1,243,613 
Provision for credit losses
— — (18,799)(18,799)
Servicing rights – change in valuation inputs or assumptions(3)
(6,880)— — (6,880)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
74 — — 74 
Directly attributable expenses(5):
Compensation and benefits(58,879)(71,687)(64,814)
Direct advertising(100,595)— (15,187)
Lead generation(57,009)— (13,871)
Loan origination and servicing costs(22,611)— — 
Product fulfillment— (28,576)(33,797)
Tools and subscriptions— (12,982)— 
Member incentives— — (41,669)
Professional services(5,155)(5,922)(9,266)
Intercompany technology platform expenses(880)— (10,484)
Other(13,589)(8,744)(26,402)
Directly attributable expenses(258,718)(127,911)(215,490)(602,119)
Contribution profit
$405,657 $61,893 $92,394 $559,944 
____________________
(1)Within the Technology Platform segment, intercompany fees were $18,182 and $34,377 for the three and six months ended June 30, 2025 and $8,295 and $15,296 for the three and six months ended June 30, 2024. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below.
(2)Refer to Note 2. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income.
(3)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations.
(4)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.
(5)The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries). Other expenses for our Technology Platform are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs. Other expenses for our Financial Services segment primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses.
The following table reconciles reportable segments total contribution profit to consolidated income before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Reportable segments total contribution profit $466,137 $284,309 $884,317 $559,944 
Corporate/Other total net revenue (loss)
(60,934)(13,657)

(109,094)55,945 
Intercompany expenses18,182 8,295 34,377 15,296 
Servicing rights – change in valuation inputs or assumptions(3,274)1,654 (2,200)6,880 
Residual interests classified as debt – change in valuation inputs or assumptions(12)(1)(47)(74)
Not allocated to segments:
Share-based compensation expense(63,256)(61,057)(127,012)(116,139)
Employee-related costs(1)
(86,586)(67,786)(174,783)(130,170)
Depreciation and amortization expense(56,743)(49,623)(112,026)(98,162)
Other corporate and unallocated(2)
(101,322)(86,794)(201,558)(183,954)
Income before income taxes$112,192 $15,340 $191,974 $109,566 
__________________
(1)Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments.
(2)Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
Goodwill
Goodwill as of both June 30, 2025 and December 31, 2024 was $1,393,505. As of June 30, 2025, goodwill attributable to the Lending, Technology Platform and Financial Services reportable segments was $17,688, $1,338,658 and $37,159, respectively. Management does not believe that the goodwill in any of the reporting units is impaired as of June 30, 2025.
v3.25.2
Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events
Note 17. Subsequent Events
On July 31, 2025, the Company issued 82.7 million shares of its common stock, $0.0001 par value, at an offering price of $20.85 per share, for total cash proceeds of approximately $1.7 billion, net of underwriting discounts and commissions paid. The transaction was accretive to equity, and regulatory capital and related ratios. SoFi intends to use the net proceeds from the offering for general corporate purposes, including working capital and other business opportunities.
v3.25.2
Insider Trading Arrangements
3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Jeremy Rishel [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 2, 2025, Jeremy Rishel, Chief Technology Officer, adopted a trading arrangement during an open trading window for the sale of the Company’s common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (a “Rule 10b5-1 Trading Plan”). Mr. Rishel’s Rule 10b5-1 Trading Plan, which has a term ending on June 30, 2026, provides for the sale of up to 815,253 shares of common stock pursuant to one or more market or limit orders.
Name Jeremy Rishel
Title Chief Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 2, 2025
Expiration Date June 30, 2026
Arrangement Duration 393 days
Aggregate Available 815,253
Arun Pinto [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 10, 2025, Arun Pinto, Chief Risk Officer, adopted a Rule 10b5-1 Trading Plan during an open trading window for the sale of the Company’s common stock. Mr. Pinto’s Rule 10b5-1 Trading Plan, which has a term ending on May 29, 2026, provides for the sale of up to 60,057 shares of common stock pursuant to one or more market or limit orders.
Name Arun Pinto
Title Chief Risk Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 10, 2025
Expiration Date May 29, 2026
Arrangement Duration 353 days
Aggregate Available 60,057
v3.25.2
Organization, Summary of Significant Accounting Policies and New Accounting Standards (Policies)
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The condensed consolidated financial statements include the accounts of the Company, its wholly-owned and majority-owned subsidiaries and certain consolidated VIEs. All intercompany accounts were eliminated in consolidation. The condensed consolidated financial statements were prepared in conformity with GAAP and in accordance with the rules and regulations of the SEC. We condensed or omitted certain notes and other financial information from the interim financial statements presented herein.
These condensed consolidated financial statements should be read in conjunction with the consolidated statements included in our annual filing on Form 10-K filed with the SEC on February 24, 2025 (“Form 10-K”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the Company’s financial condition and results of operations and cash flows for the interim periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.
In our unaudited condensed consolidated financial statements, we made the following presentation changes in 2025:
In our unaudited condensed consolidated statements of operations and comprehensive income beginning in the second quarter of 2025, we combined the financial statement line items for noninterest income—loan origination, sales and securitizations and noninterest income—servicing, and presented within noninterest income—loan origination, sales, securitizations and servicing.
In all instances, the respective prior period amounts were recast to conform to the current period presentation.
Use of Judgments, Assumptions and Estimates
The preparation of our condensed consolidated financial statements and related disclosures in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenue and
expenses as well as the disclosures of contingent assets and liabilities. These estimates and assumptions are inherently subjective in nature; and, therefore, actual results may differ from our estimates and assumptions, and the differences could be material. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances. These assumptions and estimates include, but are not limited to, the following: (i) fair value measurements, (ii) business combinations, (iii) goodwill, and (iv) valuation allowance on deferred tax assets.
Securitization Investments In Company-sponsored securitization transactions that meet the applicable criteria to be accounted for as a sale, we retain certain residual investments and asset-backed bonds (collectively, “securitization investments”) that we report within investment securities in the condensed consolidated balance sheets. We elected the fair value option for a portion of these investments with gains and losses reported within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. We account for the remaining securitization investments as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for a breakout of those securitization investments for which we have elected to account for as AFS debt securities. We determine the fair value of our securitization investments using a discounted cash flow methodology, while also considering market data as it becomes available. See Note 11. Fair Value Measurements for the key inputs used in the fair value measurements of our residual investments and asset-backed bonds.
Recent Accounting Standards Issued, But Not Yet Adopted
Recent Accounting Standards Issued, But Not Yet Adopted
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU improves income tax disclosures primarily related to enhancements of the rate reconciliation and income taxes paid information. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information about specific costs and expense categories in the notes to financial statements. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The standard should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our disclosures.
Induced Conversions of Convertible Debt Instruments
In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20)—Induced Conversions of Convertible Debt Instruments. The ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. The standard may be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of this standard on our condensed consolidated financial statements.
Obligations to Safeguard Crypto-Assets
In January 2025, the SEC released Staff Accounting Bulletin No. 122 (“SAB 122”), which rescinds the interpretive guidance provided in SAB 121 for reporting entities that have an obligation to safeguard customers' crypto assets. Under SAB 121, entities were required to recognize both a liability and a corresponding asset for their safeguarding obligations. With the new guidance, an entity that has a safeguarding obligation should assess whether it has any loss contingencies under ASC 450, Contingencies. SAB 122 must be applied retrospectively for annual periods beginning after December 15, 2024, with early adoption permitted in any interim or annual financial statement period filed with the SEC on or after January 30, 2025. Upon
adoption, we will no longer recognize a liability and a corresponding asset for our safeguarding obligations. We do not expect this guidance to have a material impact on our condensed consolidated financial statements.
For additional information about our historical digital assets activity, refer to “Safeguarding Asset and Liability” in Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards in our Annual Report on Form 10-K.
Revenue Recognition
In each of our revenue arrangements, revenue is recognized when control of the promised goods or services is transferred to the customer in an amount that reflects our expected consideration in exchange for those goods or services. Our arrangements are discussed in our Annual Report on Form 10-K, with notable updates provided herein.
v3.25.2
Revenue (Tables)
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues
The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates, as well as a reconciliation of total revenue from contracts with customers to total noninterest income.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue from contracts with customers







Financial Services







Referrals, loan platform business(1)
$22,548 

$11,880 

$42,248 

$22,582 
Referrals, other(2)
2,588 

1,738 

5,118 

3,772 
Interchange(2)
26,502 

14,457 

49,314 

26,459 
Brokerage(2)
7,542 5,960 14,527 9,994 
Other(2)(3)
2,166 

654 

3,897 

1,581 
Total financial services
61,346 

34,689 

115,104 

64,388 
Technology Platform







Technology services
89,574 

85,469 

175,562 

170,119 
Other(3)
970 

624 

1,606 

1,884 
Total technology platform(4)
90,544 

86,093 

177,168 

172,003 
Total revenue from contracts with customers
151,890 

120,782 

292,272 

236,391 
Other sources of revenue







Loan origination, sales, securitizations and servicing
70,855 

61,531 

123,660 

125,505 
Loan platform business, other(1)
104,857 

138 

177,907 

150 
Other(5)
9,505 3,583 16,301 66,265 
Total other sources of revenue
185,217 

65,252 

317,868 

191,920 
Total noninterest income$337,107 $186,034 $610,140 $428,311 
_____________________
(1) Presented within noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
(2) Presented within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
(3) Financial Services includes revenues from enterprise services and equity capital markets services. Technology Platform includes revenues from software licenses and associated services, and payment network fees for serving as a transaction card program manager for enterprise customers that are the program marketers for separate card programs.
(4) Revenue from contracts with customers is presented within noninterest income—technology products and solutions and noninterest income—other in the condensed consolidated statements of operations and comprehensive income. Related to these technology platform services, we had deferred revenue of $7,430 and $7,474 as of June 30, 2025 and December 31, 2024, respectively, which are presented within accounts payable, accruals and other liabilities in the condensed consolidated balance sheets. We recognized revenue of $2,536 and $1,086 during the three months ended June 30, 2025 and 2024, respectively, and $4,904 and $2,386 during the six months ended June 30, 2025 and 2024, respectively, associated with deferred revenue within noninterest income—technology products and solutions in the condensed consolidated statements of operations and comprehensive income.
(5) Includes gain on extinguishment of convertible debt of $59,194 during the six months ended June 30, 2024.
v3.25.2
Loans (Tables)
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Loans Below is a disaggregated presentation of our loans, inclusive of fair market value adjustments and accrued interest income and net of the allowance for credit losses, as applicable:
June 30,
2025
December 31,
2024
Loans held for sale
At fair value



Personal loans(1)
$19,603,937 $17,532,396 
Home loans
377,392 152,496 
Total loans held for sale, at fair value19,981,329 17,684,892 
At lower of cost or market
Personal loans(2)
81,760 — 
Total loans held for sale, at lower of cost or market
81,760 — 
Total loans held for sale
20,063,089 17,684,892 
Loans held for investment
Student loans(3)
10,741,641 

8,597,368 
Total loans held for investment, at fair value10,741,641 8,597,368 
Secured loans
888,421 806,441 
Credit card
364,997 289,159 
Commercial and consumer banking:
Commercial real estate145,574 136,474 
Commercial and industrial4,321 4,986 
Residential real estate and other consumer10,072 9,398 
Total commercial and consumer banking159,967 150,858 
Total loans held for investment, at amortized cost(4)
1,413,385 

1,246,458 
Total loans held for investment
12,155,026 9,843,826 
Total loans
$32,218,115 

$27,528,718 
_____________________
(1) Includes $45,351 and $171,421 of personal loans in consolidated VIEs as of June 30, 2025 and December 31, 2024, respectively.
(2) Includes loans originated as part of the loan platform business on behalf of third party partners.
(3) Includes $1,835,639 and $2,034,559 of student loans covered by financial guarantee, and $73,273 and $80,812 of student loans in consolidated VIEs as of June 30, 2025 and December 31, 2024, respectively.
(4) See Note 4. Allowance for Credit Losses herein, and Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards under the heading “Allowance for Credit Losses” in our Annual Report on Form 10-K for additional information on our loans at amortized cost as it pertains to the allowance for credit losses.
The following table summarizes the aggregate fair value of our loans for which we elected the fair value option. See Note 11. Fair Value Measurements for the assumptions used in our fair value model.
Personal Loans
Student Loans
Home Loans
Total
June 30, 2025
Unpaid principal balance
$18,416,674 $10,099,685 $359,360 $28,875,719 
Accumulated interest
132,100 57,581 895 190,576 
Cumulative fair value adjustments
1,055,163 584,375 17,137 1,656,675 
Total fair value of loans(1)
$19,603,937 $10,741,641 $377,392 $30,722,970 
December 31, 2024
Unpaid principal balance
$16,589,623 $8,215,629 $149,862 $24,955,114 
Accumulated interest
128,733 44,603 260 173,596 
Cumulative fair value adjustments
814,040 337,136 2,374 1,153,550 
Total fair value of loans(1)
$17,532,396 $8,597,368 $152,496 $26,282,260 
__________________
(1) Each component of the fair value of loans is impacted by charge-offs during the period. Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due.
The following table summarizes the aggregate fair value of loans 90 days or more delinquent. As delinquent personal loans and student loans are charged off after 120 days of delinquency, amounts presented below represent the fair value of loans that are 90 to 120 days delinquent.
Personal Loans
Student Loans
Home Loans
Total
June 30, 2025
Unpaid principal balance
$77,941 $12,828 $93 $90,862 
Accumulated interest
3,858 249 — 4,107 
Cumulative fair value adjustments(1)
(63,942)(9,082)(8)(73,032)
Fair value of loans 90 days or more delinquent (2)
$17,857 $3,995 $85 $21,937 
December 31, 2024
Unpaid principal balance$91,477 $9,578 $339 $101,394 
Accumulated interest4,400 168 4,569 
Cumulative fair value adjustments(1)
(75,390)(6,760)(22)(82,172)
Fair value of loans 90 days or more delinquent (2)
$20,487 $2,986 $318 $23,791 
__________________
(1) Our fair value assumption for annual default rate incorporates fair value markdowns on loans beginning when they are 10 days or more delinquent, with additional markdowns at 30, 60 and 90 days past due. We record the initial fair value measurement and subsequent measurement changes in fair value in the period in which the changes occur within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. As such, the $73.0 million fair value adjustment as of June 30, 2025 has been recorded in noninterest income—loan origination, sales, securitizations and servicing in the respective periods in which 10, 30, 60, and 90 days of delinquency occurred. See our Annual Report on Form 10-K for further discussion of the policies for determining the fair value of our loan portfolios.
(2) The fair value incorporates the expected price to be paid by buyers of these delinquent loans after charge-off occurs, implying that potential recoveries are expected to be in excess of these levels based on consistent demonstrated recoverability after a loan becomes delinquent and gets charged off.
Schedule of Loan Securitization Transfers and Whole Loan Sales
The following table summarizes our loan securitization transfers, other than those related to our Loan Platform Business, that qualified for sale accounting treatment. There were no such loan securitization transfers qualifying for sale accounting treatment during the three months and six months ended June 30, 2025, as well as during the three months ended June 30, 2024.
Six Months Ended June 30,
2024
Personal loans
Fair value of consideration received:
Cash$674,036 
Securitization investments35,616 
Servicing assets recognized27,523 
Repurchase liabilities recognized(280)
Total consideration736,895 
Aggregate unpaid principal balance and accrued interest of loans sold701,601 
Gain from loan sales$35,294 
The following table summarizes our current whole loan sales:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Personal loans







Fair value of consideration received:
Cash$200,326 $1,136,812 $1,313,348 $1,636,563 
Receivable
— — — 3,036 
Servicing assets recognized11,817 70,472 80,442 104,021 
Repurchase liabilities recognized(520)(4,181)(1,800)(5,981)
Total consideration
211,623 1,203,103 1,391,990 1,737,639 
Aggregate unpaid principal balance and accrued interest of loans sold
200,526 

1,136,427 

1,313,698 

1,639,464 
Realized gain$11,097 $66,676 $78,292 $98,175 
Student loans





Fair value of consideration received:




Cash$— $— $— $310,331 
Servicing assets recognized— — — 8,249 
Repurchase liabilities recognized— — — (46)
Total consideration— — — 318,534 
Aggregate unpaid principal balance and accrued interest of loans sold
— 

— 

— 

303,578 
Realized gain$— $— $— $14,956 
Home loans







Fair value of consideration received:
Cash$792,211 $385,030 $1,118,851 $729,708 
Servicing assets recognized4,222 3,390 7,016 6,222 
Repurchase liabilities recognized(1,534)(634)(2,143)(1,139)
Total consideration
794,899 

387,786 

1,123,724 

734,791 
Aggregate unpaid principal balance and accrued interest of loans sold
779,332 

381,299 

1,101,864 

725,557 
Realized gain$15,567 $6,487 $21,860 $9,234 
The following table summarizes our delinquent whole loan sales:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Personal loans



Fair value of consideration received:
Cash$7,200 $5,549 $14,400 $10,549 
Servicing assets recognized
6,304 4,884 12,610 8,284 
Repurchase liabilities recognized(90)(28)(171)(53)
Total consideration
13,414 10,405 26,839 18,780 
Aggregate unpaid principal balance and accrued interest of loans sold(1)(2)
94,699 73,450 

189,532 139,861 
Realized loss$(81,285)$(63,045)$(162,693)$(121,081)
__________________
(1) During the three and six months ended June 30, 2025, includes $90.0 million and $180.0 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries, respectively. During the three and six months ended June 30, 2024,
includes $69.4 million and $131.9 million of aggregate unpaid principal balance sold, related to late-stage delinquent loans for which we retained servicing and portions of recoveries, respectively.
(2) For the three and six months ended June 30, 2025 $63.4 million and $126.7 million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. For the three and six months ended June 30, 2024 $47.1 million and $90.3 million, respectively, of unpaid principal balance was recorded in prior periods as a reduction in fair value in noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income. These loans were sold prior to charge-off during the respective periods and otherwise would have been charged off as of June 30, 2025 and 2024, respectively, consistent with our policy. In our other charged off whole loan sales, we typically do not retain servicing or recoveries.
The following table summarizes loans originated and subsequently sold as part of our Loan Platform Business, which are loans that we originate on behalf of a third party for which we receive a fee. Sales related to our Loan Platform Business during the three and six months ended June 30, 2024 were immaterial.
Three Months Ended June 30,Six Months Ended June 30,
20252025
Personal loans



Fair value of consideration received:
Cash$2,370,668 $3,917,253 
Servicing assets recognized17,707 28,633 
Repurchase liabilities recognized(2,156)(3,217)
Total consideration
2,386,219 3,942,669 
Aggregate carrying amount and accrued interest of loans sold(1)
2,285,070 

3,773,422 
Loan fees, net(2)
83,442 140,614 
Servicing assets recognized
17,707 28,633 
Loan platform fees recognized(3)
$101,149 $169,247 
_____________________
(1)Includes unpaid principal balance of $2.3 billion and $3.8 billion for the three and six months ended June 30, 2025, respectively.
(2)Represents loan platform fees earned less the repurchase liabilities recognized at the time of sale.
(3)Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
The following table summarizes the results of the transfer related to the portion of personal loans that we contributed as part of a securitization that qualified for sale accounting treatment, which related to incremental loans originated and subsequently sold as part of our Loan Platform Business. There were no loan securitization transfers related to our Loan Platform Business qualifying for sale accounting treatment during the three and six months ended June 30, 2024.
Three Months Ended June 30,Six Months Ended June 30,
20252025
Personal loans



Fair value of consideration received:
Cash(1)
$(173)$(626)
Securitization investments retained(2)
38,340 77,474 
Servicing assets recognized273 553 
Repurchase liabilities recognized(38)(65)
Total consideration
38,402 77,336 
Aggregate carrying amount and accrued interest of loans sold(3)
37,275 74,872 
Gain from loan sales(4)
$1,127 $2,464 
_____________________
(1)Relates to payments for securitization-related expenses.
(2)Represents asset-backed bonds and residual investments retained pursuant to risk retention rules. See Note 1. Organization, Summary of Significant Accounting Policies and New Accounting Standards and Note 11. Fair Value Measurements for our accounting policy and key inputs used in the fair value measurements related to these asset-backed bonds and residual investments.
(3)Includes unpaid principal balance of $37.7 million and $75.9 million for the three and six months ended June 30, 2025, respectively.
(4)Recorded in noninterest income—loan platform fees in the condensed consolidated statements of operations and comprehensive income.
Schedule of Unpaid Principal Balances of Transferred Loans and Cash Flows Received
The following table presents information about the unpaid principal balances of loans originated by us and subsequently transferred, but with which we have continuing involvement:
Personal Loans
Student Loans
Home Loans
Total
June 30, 2025
Loans in delinquency (30+ days past due)
$156,286 $48,546 $38,203 $243,035 
Total loans in delinquency243,437 88,087 38,203 369,727 
Total transferred loans serviced(1)
9,165,685 3,813,984 6,517,215 19,496,884 
December 31, 2024
Loans in delinquency (30+ days past due)
$109,169 $67,234 $35,910 $212,313 
Total loans in delinquency
168,403 129,317 35,910 333,630 
Total transferred loans serviced(1)
6,060,329 5,230,303 6,234,859 17,525,491 
_____________________
(1)Total transferred loans serviced includes loans in delinquency, as well as loans in repayment, loans in-school/grace period/deferment (related to student loans), and loans in forbearance. The vast majority of total transferred loans serviced represent loans in repayment as of the dates indicated.
The following table presents additional information about the servicing cash flows received and net charge-offs related to loans originated by us and subsequently transferred, but with which we have a continuing involvement:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Personal loans
Servicing fees collected from transferred loans
$16,741 $16,670 $36,909 $26,115 
Charge-offs, net of recoveries, of transferred loans
149,936 87,840 278,857 173,173 
Student loans
Servicing fees collected from transferred loans
4,523 5,975 9,668 12,121 
Charge-offs, net of recoveries, of transferred loans
12,518 11,123 23,791 21,976 
Home loans
Servicing fees collected from transferred loans
4,226 4,232 8,606 8,271 
Total
Servicing fees collected from transferred loans
$25,490 $26,877 $55,183 $46,507 
Charge-offs, net of recoveries, of transferred loans
162,454 98,963 302,648 195,149 
Schedule of Aging Analysis for Credit Card Loans
The following table presents the amortized cost basis of our credit card and commercial and consumer banking portfolios (excluding accrued interest and before the allowance for credit losses) by either current status or delinquency status:
Delinquent Loans
Current30–59 Days60–89 Days
≥ 90 Days(1)
Total Delinquent Loans
Total Loans(2)
June 30, 2025
Secured loans
$887,047 $— $— $— $— $887,047 
Credit card386,825 3,480 2,907 7,057 13,444 400,269 
Commercial and consumer banking:
Commercial real estate147,197 — — — — 147,197 
Commercial and industrial4,198 — 118 89 207 4,405 
Residential real estate and other consumer(3)
10,138 — — — — 10,138 
Total commercial and consumer banking161,533 — 118 89 207 161,740 
Total loans
$1,435,405 $3,480 $3,025 $7,146 $13,651 $1,449,056 
December 31, 2024
Secured loans
$804,800 $— $— $— $— $804,800 
Credit card312,676 3,429 3,311 9,056 15,796 328,472 
Commercial and consumer banking:
Commercial real estate138,172 — — — — 138,172 
Commercial and industrial4,831 — 188 77 265 5,096 
Residential real estate and other consumer(3)
9,370 — — — — 9,370 
Total commercial and consumer banking152,373 — 188 77 265 152,638 
Total loans$1,269,849 $3,429 $3,499 $9,133 $16,061 $1,285,910 
______________
(1)Generally, all of the credit cards ≥ 90 days past due continued to accrue interest. As of the dates indicated, credit card and commercial and consumer banking loans on nonaccrual status were immaterial.
(2)For credit card, the balance is presented before allowance for credit losses of $45,515 and $44,350 as of June 30, 2025 and December 31, 2024, respectively, and accrued interest of $4,203 and $4,125, respectively. For secured loans, the balance is presented before accrued interest of $1,374 and $1,641 as of June 30, 2025 and December 31, 2024, respectively. For commercial and consumer banking, the balance is presented before allowance for credit losses of $2,323 and $2,334 as of June 30, 2025 and December 31, 2024, respectively, and accrued interest of $550 and $554, respectively.
(3)Includes residential real estate loans originated by Golden Pacific for which we did not elect the fair value option.
Schedule of Internal Risk Tier Categories
The following table presents the amortized cost basis of our credit card portfolio (excluding accrued interest and before the allowance for credit losses) based on FICO scores, which are obtained at origination of the account and are refreshed monthly thereafter. The pools estimate the likelihood of borrowers with similar FICO scores to pay credit obligations based on aggregate credit performance data.
FICOJune 30, 2025December 31, 2024
≥ 800$43,324 $38,076 
780 – 79924,739 24,566 
760 – 77927,085 24,533 
740 – 75930,242 26,321 
720 – 73941,116 30,215 
700 – 71951,677 36,050 
680 – 69952,820 37,994 
660 – 67939,963 30,504 
640 – 65926,258 21,206 
620 – 63915,656 14,098 
600 – 61910,773 9,393 
≤ 59936,616 35,516 
Total credit card$400,269 $328,472 
The following table presents the amortized cost basis of our commercial and consumer banking portfolio (excluding accrued interest and before the allowance for credit losses) by origination year and credit quality indicator:
Term Loans by Origination Year
June 30, 202520252024202320222021PriorTotal Term LoansRevolving Loans
Commercial real estate
Pass$16,212 $34,007 $18,935 $28,809 $7,043 $24,592 $129,598 $167 
Watch— — 5,176 2,383 — 2,179 9,738 — 
Special mention— 1,676 — 2,699 — 713 5,088 — 
Substandard— — — — — 2,606 2,606 — 
Total commercial real estate16,212 35,683 24,111 33,891 7,043 30,090 147,030 167 
Commercial and industrial
Pass— 133 18 — — 2,948 3,099 1,051 
Watch— — 31 — — — 31 — 
Substandard— — — — — 224 224 — 
Total commercial and industrial— 133 49 — — 3,172 3,354 1,051 
Residential real estate and other consumer
Pass— — — — — 3,904 3,904 4,330 
Watch— — — — — — — 1,904 
Total residential real estate and other consumer— — — — — 3,904 3,904 6,234 
Total commercial and consumer banking
$16,212 $35,816 $24,160 $33,891 $7,043 $37,166 $154,288 $7,452 
v3.25.2
Allowance for Credit Losses (Tables)
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Allowance for Credit Losses, Accounts Receivable
The following table presents changes in our allowance for credit losses:
Credit Card(1)
Commercial and Consumer Banking(1)
Accounts Receivable(1)
Three Months Ended June 30, 2025
Balance at March 31, 2025
$42,179 

$2,190 

$2,789 
Provision for credit losses(2)
9,901 

134 

389 
Net charge-offs(3)
(6,565)

(1)

— 
Balance at June 30, 2025
$45,515 

$2,323 

$3,178 
Three Months Ended June 30, 2024
Balance at March 31, 2024
$49,092 $2,221 $2,109 
Provision for credit losses(2)
11,348 292 382 
Net charge-offs(3)
(11,034)(11)(982)
Balance at June 30, 2024
$49,406 $2,502 $1,509 
Six Months Ended June 30, 2025
Balance at December 31, 2024
$44,350 

$2,334 

$2,444 
Provision for credit losses(2)
15,720 

(7)

767 
Net charge-offs(3)
(14,555)

(4)

(33)
Balance at June 30, 2025
$45,515 

$2,323 

$3,178 
Six Months Ended June 30, 2024
Balance at December 31, 2023
$52,385 

$2,310 

$1,837 
Provision for credit losses(2)
18,601 

221 

2,793 
Net charge-offs(3)
(21,580)

(29)

(3,121)
Balance at June 30, 2024
$49,406 

$2,502 

$1,509 
_____________________
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets.
(2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(3)During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to credit cards were $805 and $1,569 , respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to credit cards were $1,136 and $2,219, respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three and six months ended June 30, 2025 and 2024. During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to accounts receivable were $300 and $602, respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to accounts receivable were $541 and $1,038, respectively.
Schedule of Allowance for Credit Losses, Credit Card Loans
The following table presents changes in our allowance for credit losses:
Credit Card(1)
Commercial and Consumer Banking(1)
Accounts Receivable(1)
Three Months Ended June 30, 2025
Balance at March 31, 2025
$42,179 

$2,190 

$2,789 
Provision for credit losses(2)
9,901 

134 

389 
Net charge-offs(3)
(6,565)

(1)

— 
Balance at June 30, 2025
$45,515 

$2,323 

$3,178 
Three Months Ended June 30, 2024
Balance at March 31, 2024
$49,092 $2,221 $2,109 
Provision for credit losses(2)
11,348 292 382 
Net charge-offs(3)
(11,034)(11)(982)
Balance at June 30, 2024
$49,406 $2,502 $1,509 
Six Months Ended June 30, 2025
Balance at December 31, 2024
$44,350 

$2,334 

$2,444 
Provision for credit losses(2)
15,720 

(7)

767 
Net charge-offs(3)
(14,555)

(4)

(33)
Balance at June 30, 2025
$45,515 

$2,323 

$3,178 
Six Months Ended June 30, 2024
Balance at December 31, 2023
$52,385 

$2,310 

$1,837 
Provision for credit losses(2)
18,601 

221 

2,793 
Net charge-offs(3)
(21,580)

(29)

(3,121)
Balance at June 30, 2024
$49,406 

$2,502 

$1,509 
_____________________
(1)Credit cards and commercial and consumer banking loans measured at amortized cost, net of allowance for credit losses, are presented within loans held for investment, at amortized cost in the condensed consolidated balance sheets. Accounts receivable balances, net of allowance for credit losses, are presented within other assets in the condensed consolidated balance sheets.
(2)The provision for credit losses on credit cards and commercial and consumer banking loans is presented within noninterest expense—provision for credit losses in the condensed consolidated statements of operations and comprehensive income. The provision for credit losses on accounts receivable is presented within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(3)During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to credit cards were $805 and $1,569 , respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to credit cards were $1,136 and $2,219, respectively. There were immaterial recoveries of amounts previously reserved related to commercial and consumer banking loans during the three and six months ended June 30, 2025 and 2024. During the three and six months ended June 30, 2025, recoveries of amounts previously reserved related to accounts receivable were $300 and $602, respectively. During the three and six months ended June 30, 2024, recoveries of amounts previously reserved related to accounts receivable were $541 and $1,038, respectively.
v3.25.2
Investments Securities (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Debt Securities
The following table presents our investments in AFS debt securities:
Amortized CostAccrued InterestGross Unrealized Gains
Gross Unrealized Losses(1)
Fair Value
June 30, 2025
U.S. Treasury securities$228,216 $2,451 $592 $(927)$230,332 
Agency mortgage-backed securities1,990,751 4,119 8,194 (3,502)1,999,562 
Corporate bonds2,257 29 — (61)2,225 
Asset-backed bonds(2)
28,894 121 — (11)29,004 
Residual investments(2)
4,438 42 169 — 4,649 
Other(3)
949 — (141)816 
Total investments in AFS debt securities$2,255,505 $6,770 $8,955 $(4,642)$2,266,588 
December 31, 2024
U.S. Treasury securities$277,555 $2,622 $77 $(6,602)$273,652 
Agency mortgage-backed securities1,525,913 3,048 3,522 (6,089)1,526,394 
Corporate bonds3,272 39 — (94)3,217 
Other(3)
946 — (174)780 
Total investments in AFS debt securities$1,807,686 $5,717 $3,599 $(12,959)$1,804,043 
_____________________
(1) As of June 30, 2025 and December 31, 2024, we concluded that there was no credit loss attributable to securities in unrealized loss positions, as (i) 98% and approximately 100% of the amortized cost basis of our investments as of June 30, 2025 and December 31, 2024, respectively, was composed of U.S. Treasury securities and agency mortgage-backed securities, which are of high credit quality and have no risk of credit-related impairment due to the nature of the counterparties and history of no credit losses, and (ii) we have not identified factors indicating credit-related impairment for the remaining investments and expect that the contractual principal and interest payments will be received. Additionally, we do not intend to sell the securities in loss positions nor is it more likely than not that we will be required to sell the securities prior to recovery of the amortized cost basis.
(2) These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary, classified as AFS debt securities. See Note 6. Securitization and Variable Interest Entities for additional information.
(3) Includes state municipal bond securities.
Schedule of Investment Securities in Gross Unrealized Loss Position
The following table presents information about our investments in AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024.
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2025
U.S. Treasury securities$74,320 $(882)$5,186 $(45)$79,506 $(927)
Agency mortgage-backed securities622,928 (2,598)26,159 (904)649,087 (3,502)
Corporate bonds988 (30)1,236 (31)2,224 (61)
Asset-backed bonds
29,003 (11)— — 29,003 (11)
Other— — 816 (141)816 (141)
Total investments in AFS debt securities$727,239 $(3,521)$33,397 $(1,121)$760,636 $(4,642)
Less than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2024
U.S. Treasury securities$217,683 $(6,497)$5,256 $(105)$222,939 $(6,602)
Agency mortgage-backed securities614,081 (5,499)7,319 (590)621,400 (6,089)
Corporate bonds— — 3,216 (94)3,216 (94)
Other— — 780 (174)780 (174)
Total investments in AFS debt securities$831,764 $(11,996)$16,571 $(963)$848,335 $(12,959)
Schedule of Investments by Contractual Maturity
The following table presents the amortized cost and fair value of our investments in AFS debt securities by contractual maturity:
Due Within One YearDue After One Year Through Five YearsDue After Five Years Through Ten YearsDue After Ten YearsTotal
June 30, 2025
Investments in AFS debt securities—Amortized cost:
U.S. Treasury securities$6,209$147,898$74,109$$228,216 
Agency mortgage-backed securities230,08310,5241,950,1421,990,751 
Corporate bonds2,2572,257 
Asset-backed bonds
28,89428,894 
Residual investments
4,4384,438 
Other949949 
Total investments in AFS debt securities$6,211$177,981$121,171$1,950,142$2,255,505 
Weighted average yield for investments in AFS debt securities(1)
2.26 %3.95 %3.98 %5.36 %5.24%
Investments in AFS debt securities—Fair value(2):
U.S. Treasury securities$6,165$148,488$73,228$$227,881
Agency mortgage-backed securities230,57910,5791,954,2831,995,443
Corporate bonds2,1962,196
Asset-backed bonds
28,88328,883
Residual investments
4,6074,607
Other808808
Total investments in AFS debt securities$6,167$179,067$120,301$1,954,283$2,259,818
_____________________
(1) The weighted average yield represents the effective yield for the investment securities owned at the end of the period and is computed based on the amortized cost of each security.
(2) Presentation of fair values of our investments in AFS debt securities by contractual maturity excludes total accrued interest of $6,770 as of June 30, 2025.
v3.25.2
Securitization and Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Nonconsolidated VIEs and Securitization of Investments
The following table presents the carrying value of Company assets associated with these nonconsolidated VIEs as of the dates presented.
June 30,
2025
December 31,
2024
Securitization investments$141,875 $91,646 
Secured loans888,421 806,441 
Servicing rights103,865 100,839 
The following table presents additional detail of the aggregate outstanding value of asset-backed bonds and residual investments owned by the Company in nonconsolidated VIEs, which are presented within investment securities in the condensed consolidated balance sheets. These risk retention interests represent the carrying value of our holdings in nonconsolidated VIEs, and the maximum exposure to a loss as a result of our involvement as of the dates presented.
June 30,
2025
December 31,
2024
Personal loans
$110,671 $56,849 
Student loans
31,204 34,797 
Securitization investments(1)
$141,875 $91,646 
_____________________
(1)As of June 30, 2025, includes $28.9 million and $4.4 million of asset-backed bonds and residual investments, respectively, classified as available for sale. See Note 5. Investment Securities for additional information.
v3.25.2
Deposits (Tables)
6 Months Ended
Jun. 30, 2025
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table presents detail of our deposits:
June 30, 2025December 31, 2024
Savings deposits$26,422,013 $22,838,858 
Demand deposits
2,393,984 2,205,377 
Time deposits(1)(2)
595,107 817,165 
Total interest-bearing deposits 29,411,104 25,861,400 
Noninterest-bearing deposits129,570 116,804 
Total deposits$29,540,674 $25,978,204 
_____________________
(1) As of June 30, 2025 and December 31, 2024, includes brokered deposits of $556,684 and $772,914, respectively, consisting of time deposits.
(2) As of June 30, 2025 and December 31, 2024, the amount of time deposits that exceeded the insured limit (referred to as “uninsured deposits”) totaled $25,340 and $20,305, respectively.
Schedule of Future Maturities of Time Deposits
As of June 30, 2025, future maturities of our total time deposits were as follows:
Remainder of 2025$373,649 
2026221,113 
202736 
2028164 
2029117 
Thereafter28 
Total$595,107 
v3.25.2
Debt (Tables)
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the components of our debt:
June 30, 2025

December 31, 2024
Borrowing Description
Total Collateral(1)
Stated Interest Rate(2)
Termination/Maturity(3)
Total Capacity
Total Outstanding(4)
Total Outstanding
Debt Facilities






Personal loan warehouse facilities

$1,036,259 

4.95% – 5.65%

June 2026 – March 2028

$3,700,000 

$883,867 

$205,367 
Student loan warehouse facilities

1,473,868 

4.95% – 6.05%

May 2026 – March 2027

3,480,000 

1,236,306 

1,044,682 
Risk retention warehouse facilities(5)

16,643 

5.95%

October 2027

100,000 

4,726 

6,834 
Revolving credit facility(6)


5.92%

April 2028

645,000 

486,000 

486,000 
Other Debt












Convertible senior notes, due 2026(7)



—%

October 2026



428,022 

428,022 
Convertible senior notes, due 2029(8)



1.25%

March 2029



862,500 

862,500 
Other financing(9)

145,054 



210,788 

— 

— 
Securitizations







Personal loan securitizations

44,882 

—%

May 2031


— 

14,377 
Student loan securitizations

70,342 

3.09% – 3.73%

August 2048


59,747 

66,501 
Total, before unamortized debt issuance costs, premiums and discounts





$3,961,168 

$3,114,283 
Less: unamortized debt issuance costs, premiums and discounts(10)





(18,532)

(21,591)
Total debt





$3,942,636 

$3,092,692 
_________________
(1)As of June 30, 2025, represents the total of the unpaid principal balances within each debt category, with the exception of the risk retention warehouse facilities, which include securitization-related investments carried at fair value. In addition, certain securitization interests that eliminate in consolidation are pledged to risk retention warehouse facilities. Collateral balances relative to debt balances may vary period to period due to the timing of the next scheduled payment to the warehouse facility.
(2)For variable-rate debt, the ranges of stated interest rates are based on the interest rates in effect as of June 30, 2025. The interest on our variable-rate debt is typically designed as a reference rate plus a spread. Reference rates as of June 30, 2025 included overnight SOFR, one-month SOFR and commercial paper rates determined by the facility lenders. As debt arrangements are renewed, the reference rate and/or spread are subject to change. Unused commitment fees ranging from 0 to 50 bps on our various warehouse facilities are recognized within noninterest expense—general and administrative in our condensed consolidated statements of operations and comprehensive income.
(3)For securitization debt, the maturity of the notes issued by the various trusts occurs upon either the maturity of the loan collateral or full payment of the loan collateral held in the trusts. Our maturity date represents the legal maturity of the last class of maturing notes. Securitization debt matures as loan collateral payments are made.
(4)There were no debt discounts issued during the six months ended June 30, 2025.
(5)For risk retention warehouse facilities, we only state capacity amounts for facilities wherein we can pledge additional asset-backed bonds and residual investments as of the balance sheet date.
(6)As of June 30, 2025, $12.3 million of the revolving credit facility total capacity was not available for general borrowing purposes because it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 14. Commitments, Guarantees, Concentrations and Contingencies for more details. Additionally, the interest rate presented is the interest rate on standard withdrawals on our revolving credit facility, while same-day withdrawals incur interest based on the prime rate.
(7)The original issue discount and debt issuance costs related to the convertible senior notes due 2026 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $0.5 million and $0.9 million, respectively. For the three and six months ended June 30, 2024, total interest expense on the convertible notes was $0.5 million and $1.7 million, respectively. For all periods, interest expense was related to amortization of debt discount and issuance costs. For the three and six months ended June 30, 2025, the effective interest rate was 0.43% and 0.43%, respectively. For the three and six months ended June 30, 2024, the effective interest rate was 0.43% and 0.44%, respectively. As of June 30, 2025 and December 31, 2024, unamortized debt discount and issuance costs were $2.4 million and $3.3 million, respectively, and the net carrying amount was $425.7 million and $424.7 million, respectively.
(8)The original issue discount and debt issuance costs related to the convertible senior notes due 2029 are amortized into interest expense—corporate borrowings in the condensed consolidated statements of operations and comprehensive income using the effective interest method over the contractual term of the notes. For the three and six months ended June 30, 2025, total interest expense on the convertible notes was $3.8 million and $7.5 million, respectively, which was composed of $2.7 million and $5.4 million, respectively, of contractual interest expense and $1.1 million and $2.1 million, respectively, of amortization of discounts and issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. For the three and six months ended June 30, 2024, total interest expense on the convertible notes was $3.8 million and $4.8 million, respectively, which was composed of $2.6 million and $3.4 million, respectively, of contractual interest expense and $1.1 million and $1.4 million, respectively, of amortization of discounts and
issuance costs; and the effective interest rate was 1.75% and 1.76%, respectively. As of June 30, 2025 and December 31, 2024, unamortized debt discount and issuance costs were $16.2 million and $18.3 million, respectively, and the net carrying amount was $846.3 million and $844.2 million, respectively.
(9)As of June 30, 2025, includes $60.1 million of loans and $85.0 million of investment securities pledged as collateral to secure $160.8 million of available borrowing capacity with the FHLB, of which $25.2 million was not available as it was utilized to secure letters of credit. Refer to our letter of credit disclosures in Note 14. Commitments, Guarantees, Concentrations and Contingencies for more details. Also includes unsecured available borrowing capacity of $50.0 million with correspondent banks.
(10)As of June 30, 2025 and December 31, 2024, unamortized debt issuance costs related to revolving debt of $1.2 million and $1.5 million, respectively, was reported in other assets in the condensed consolidated balance sheets.
Schedule of Maturities of Borrowings
Future maturities of our outstanding debt with scheduled payments, which included our revolving credit facility and convertible notes, were as follows:
June 30, 2025
Remainder of 2025$— 
2026428,022 
2027— 
2028486,000 
2029862,500 
Thereafter— 
Total$1,776,522 
v3.25.2
Equity (Tables)
6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
The Company reserved the following common stock for future issuance:
June 30,
2025
December 31,
2024
Outstanding stock options, restricted stock units and performance stock units
88,318,244 89,282,474 
Possible future issuance under stock plans
128,066,785 81,764,571 
Conversion of convertible notes(1)
19,096,202 19,096,202 
Total common stock reserved for future issuance
235,481,231 190,143,247 
____________________
(1)Represents the number of common stock issuable upon conversion of all convertible note principal at the conversion rate in effect at the balance sheet date. As of June 30, 2025, the 2026 convertible notes are potentially convertible into 19,096,202 shares of common stock. The principal amount of the 2029 convertible notes is to be settled by paying or delivering cash. See Note 8. Debt for additional information.
Schedule of Accumulated Other Comprehensive Income (Loss) The following table presents the rollforward of AOCI, inclusive of the changes in the components of other comprehensive income (loss):
AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal
Three Months Ended June 30, 2025
AOCI, beginning balance$2,103 $725 $2,828 
Other comprehensive income (loss) before reclassifications(1)
2,436 (563)1,873 
Amounts reclassified from AOCI into earnings(1,108)— (1,108)
Net current-period other comprehensive income (loss)(2)
1,328 (563)765 
AOCI, ending balance$3,431 $162 $3,593 
Three Months Ended June 30, 2024
AOCI, beginning balance$(2,901)$813 $(2,088)
Other comprehensive income (loss) before reclassifications(1)
741 (136)605 
Amounts reclassified from AOCI into earnings— — — 
Net current-period other comprehensive income (loss)(2)
741 (136)605 
AOCI, ending balance$(2,160)$677 $(1,483)
AFS Debt SecuritiesForeign Currency Translation AdjustmentsTotal
Six Months Ended June 30, 2025
AOCI, beginning balance$(9,359)$994 $(8,365)
Other comprehensive income (loss) before reclassifications(1)
13,898 (832)13,066 
Amounts reclassified from AOCI into earnings(1,108)— (1,108)
Net current-period other comprehensive income (loss)(2)
12,790 (832)11,958 
AOCI, ending balance$3,431 $162 $3,593 
Six Months Ended June 30, 2024
AOCI, beginning balance$(2,201)$992 $(1,209)
Other comprehensive income (loss) before reclassifications(1)
41 (315)(274)
Amounts reclassified from AOCI into earnings— — — 
Net current-period other comprehensive income (loss)(2)
41 (315)(274)
AOCI, ending balance$(2,160)$677 $(1,483)
____________________
(1)Gross realized gains and losses from sales of our investments in AFS debt securities that were reclassified from AOCI to earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income. There were no reclassifications related to foreign currency translation adjustments during any of the periods presented.
(2)There were no material tax impacts during any of the periods presented.
v3.25.2
Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gains (Losses) Recognized on Derivative Instruments
The following table presents the gains (losses) recognized on our derivative instruments:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest rate swaps(1)
$(70,572)$67,376 $(202,308)$268,661 
Interest rate caps(1)
— (980)— (3,263)
Home loan pipeline hedges(1)
(714)1,223 (2,857)2,079 
Derivative contracts to manage future loan sale execution risk(71,286)67,619 (205,165)267,477 
Interest rate swaps(2)
(240)1,487 (1,334)7,550 
IRLCs(1)
1,980 

(561)

8,827 

(280)
Interest rate caps(1)
— 986 — 3,276 
Total
$(69,546)

$69,531 

$(197,672)

$278,023 
_____________________
(1) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk, which are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
Schedule of Offsetting Liabilities The following table presents information about derivative instruments subject to enforceable master netting arrangements:
June 30, 2025December 31, 2024
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$— $(57,000)$288,062 $— 
Home loan pipeline hedges— (1,934)928 (43)
Total, gross— (58,934)288,990 (43)
Derivative netting— — (43)43 
Total, net(1)
$— $(58,934)$288,947 $— 
_____________________
(1) As of June 30, 2025, we had a cash collateral requirement related to these instruments of $57,000. We did not have a cash collateral requirement related to these instruments as of December 31, 2024.
Schedule of Offsetting Assets The following table presents information about derivative instruments subject to enforceable master netting arrangements:
June 30, 2025December 31, 2024
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$— $(57,000)$288,062 $— 
Home loan pipeline hedges— (1,934)928 (43)
Total, gross— (58,934)288,990 (43)
Derivative netting— — (43)43 
Total, net(1)
$— $(58,934)$288,947 $— 
_____________________
(1) As of June 30, 2025, we had a cash collateral requirement related to these instruments of $57,000. We did not have a cash collateral requirement related to these instruments as of December 31, 2024.
Schedule of Notional Amounts of Derivative Contracts Outstanding
The following table presents the notional amount of derivative contracts outstanding:
June 30, 2025December 31, 2024
Derivative contracts to manage future loan sale execution risk:
Interest rate swaps$16,132,250 $14,829,500 
Home loan pipeline hedges364,000 228,000 
Interest rate swaps(1)
74,000 55,500 
IRLCs(2)
443,632 216,707 
Total
$17,013,882 

$15,329,707 
_____________________
(1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments.
(2) Amounts correspond with home loan funding commitments subject to IRLC agreements.
v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets:
June 30, 2025December 31, 2024
Fair ValueFair Value
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
U.S. Treasury securities
$230,332 $— $— $230,332 $273,652 $— $— $273,652 
Agency mortgage-backed securities(1)
— 1,999,562 — 1,999,562 — 1,526,394 — 1,526,394 
Corporate bonds(1)
— 2,225 — 2,225 — 3,217 — 3,217 
Other(1)
— 816 — 816 — 780 — 780 
Asset-backed bonds(2)
— 110,645 — 110,645 — 66,252 — 66,252 
Residual investments(2)
— — 31,230 31,230 — — 25,394 25,394 
Investment securities(3)
230,332 2,113,248 31,230 2,374,810 273,652 1,596,643 25,394 1,895,689 
Loans at fair value(4)
— 118,031 30,604,939 30,722,970 — 66,928 26,215,332 26,282,260 
Servicing rights— — 375,006 375,006 — — 342,128 342,128 
Third party warrants(5)(6)
— — 540 540 — — 540 540 
Derivative assets(5)(7)(8)
— — — — — 288,990 — 288,990 
IRLCs(5)(9)
— — 10,054 10,054 — — 1,227 1,227 
Student loan commitments(5)(9)
— — 1,138 1,138 — — 6,042 6,042 
Total assets
$230,332 $2,231,279 $31,022,907 $33,484,518 $273,652 $1,952,561 $26,590,663 $28,816,876 
Liabilities
Debt(10)
$— $59,747 $— $59,747 $— $80,878 $— $80,878 
Residual interests classified as debt— — 554 554 — — 609 609 
Derivative liabilities(5)(7)(8)
— 58,934 — 58,934 — 43 — 43 
Total liabilities
$— $118,681 $554 $119,235 $— $80,921 $609 $81,530 
_____________________
(1)Investments in debt securities that were classified as Level 2 rely upon observable inputs other than quoted prices, dealer quotes in markets that are not active and implied pricing derived from new issuances of similar securities. See Note 5. Investment Securities for additional information.
(2)These assets represent the carrying value of our holdings in VIEs wherein we were not deemed the primary beneficiary. See Note 6. Securitization and Variable Interest Entities for additional information. We classify asset-backed bonds as Level 2 due to the use of quoted prices for similar assets in markets that are not active, as well as certain factors specific to us. The key inputs used to value the asset-backed bonds include the discount rate and conditional prepayment rate. The fair value of our asset-backed bonds was not materially impacted by default assumptions on the underlying securitization loans, as the subordinate residual interests are expected to absorb all estimated losses based on our default assumptions for the period. We classify the residual investments as Level 3 due to the reliance on significant unobservable valuation inputs. See Note 5. Investment Securities for additional information on the asset-backed bonds and residual investments included herein which are classified as available for sale.
(3)These assets are presented within investment securities in the condensed consolidated balance sheets.
(4)Home loans classified as Level 2 have observable pricing sources utilized by management. Personal loans, student loans and home loans classified as Level 3 do not trade in an active market with readily observable prices. Personal loans and home loans are presented within loans held for sale, and student loans are presented within loans held for investment, at fair value.
(5)These assets and liabilities are presented within other assets and accounts payable, accruals and other liabilities, respectively, in the condensed consolidated balance sheets.
(6)The key unobservable assumption used in the fair value measurement of the third party warrants was the price of the stock underlying the warrants. The fair value was measured as the difference between the stock price and the strike price of the warrants. As the strike price was insignificant, we concluded that the impact of time value on the fair value measure was immaterial.
(7)For certain derivative instruments for which an enforceable master netting agreement exists, we elected to net derivative assets and derivative liabilities by counterparty. These instruments are presented on a gross basis herein. See Note 10. Derivative Financial Instruments for additional information.
(8)Home loan pipeline hedges represent TBAs used as economic hedges of loan fair values and are classified as Level 2, as we rely on quoted market prices from similar loan pools that transact in the marketplace. Interest rate swaps are classified as Level 2, because these financial instruments do not trade in active markets with observable prices, but rely on observable inputs other than quoted prices. As of June 30, 2025 and December 31, 2024, interest rate swaps and interest rate caps were valued using the overnight SOFR curve and the implied volatilities suggested by the SOFR rate curve. These were determined to be observable inputs from active markets.
(9)IRLCs and student loan commitments are classified as Level 3 because of our reliance on assumed loan funding probabilities. The assumed probabilities are based on our internal historical experience with home loans and student loans similar to those in the funding pipelines on the measurement date.
(10)The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments. As of June 30, 2025 and December 31, 2024, the unpaid principal related to debt measured at fair value was $63,101 and $85,160, respectively. For the three and six months ended June 30, 2025, gains (losses) from changes in fair value were immaterial. For the three and six months ended June 30, 2024, losses from changes in fair value were $1,037 and $2,464, respectively. The estimated amounts of gains (losses) included in earnings attributable to changes in instrument-specific credit risk, which were derived principally from observable changes in credit spread as observed in the bond market and default assumptions, were immaterial for the three and six months ended June 30, 2025 and 2024.
Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented.
Fair Value atFair Value at
March 31,
2025
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,869,230 $(10,430)$2,032 $(290,015)$4,519,171 $(2,486,773)$722 $19,603,937 
Student loans9,571,457 100,161 698,901 — 993,326 (621,766)(438)10,741,641 
Home loans268,778 4,150 — (266,469)257,994 (5,092)— 259,361 
Loans at fair value(1)
27,709,465 93,881 700,933 (556,484)5,770,491 (3,113,631)284 30,604,939 
Servicing rights(2)
389,780 (16,925)3,573 (5,841)40,323 (35,904)— 375,006 
Residual investments(3)
28,730 671 3,827 (313)— (1,685)— 31,230 
IRLCs(4)
8,074 10,054 — — — (8,074)— 10,054 
Student loan commitments(4)
471 1,138 — — — (471)— 1,138 
Third party warrants(5)
540 — — — — — — 540 
Liabilities
Residual interests classified as debt(3)
(579)(12)— — — 37 — (554)
Net impact on earnings$88,807 
Fair Value atFair Value at
January 1,
2025
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,532,396 $(83,855)$4,930 $(1,485,419)$8,496,841 $(4,859,930)$(1,026)$19,603,937 
Student loans8,597,368 225,930 898,970 — 2,184,789 (1,167,012)1,596 10,741,641 
Home loans85,568 13,430 — (266,469)433,225 (6,393)— 259,361 
Loans at fair value(1)
26,215,332 155,505 903,900 (1,751,888)11,114,855 (6,033,335)570 30,604,939 
Servicing rights(2)
342,128 (15,851)7,210 (7,781)129,254 (79,954)— 375,006 
Residual investments(3)
25,394 1,335 8,082 (313)— (3,268)— 31,230 
IRLCs(4)
1,227 18,128 — — — (9,301)— 10,054 
Student loan commitments(4)
6,042 1,609 — — — (6,513)— 1,138 
Third party warrants(5)
540 — — — — — — 540 
Liabilities
Residual interests classified as debt(3)
(609)(47)— — — 102 — (554)
Net impact on earnings$160,679 
Fair Value atFair Value at
March 31,
2024
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2024
Assets
Personal loans$15,057,005 $(142,269)$696 $(1,199,368)$4,192,114 $(2,110,044)$(706)$15,797,428 
Student loans6,834,161 (8,592)101 — 736,518 (368,964)1,538 7,194,762 
Loans at fair value(1)
21,891,166 (150,861)797 (1,199,368)4,928,632 (2,479,008)832 22,992,190 
Servicing rights(2)
240,752 1,654 1,227 — 78,745 (31,049)— 291,329 
Residual investments(3)
35,853 213 — — — (3,551)— 32,515 
IRLCs(4)
2,436 1,875 — — — (2,436)— 1,875 
Student loan commitments(4)
314 569 — — — (314)— 569 
Third party warrants(5)
630 — — — — — — 630 
Liabilities
Residual interests classified as debt(3)
(4,129)(1)— — — 3,406 — (724)
Net impact on earnings$(146,551)
Fair Value atFair Value at
January 1,
2024
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2024
Assets
Personal loans$15,330,573 $(411,695)$17,276 $(2,462,222)$7,470,996 $(4,145,741)$(1,759)$15,797,428 
Student loans6,725,484 (25,709)101 (294,187)1,488,198 (704,901)5,776 7,194,762 
Loans at fair value(1)
22,056,057 (437,404)17,377 (2,756,409)8,959,194 (4,850,642)4,017 22,992,190 
Servicing rights(2)
180,469 6,880 2,207 (53)154,299 (52,473)— 291,329 
Residual investments(3)
35,920 945 2,553 — — (6,903)— 32,515 
IRLCs(4)
2,155 4,311 — — — (4,591)— 1,875 
Student loan commitments(4)
5,465 883 — — — (5,779)— 569 
Third party warrants(5)
630 — — — — — — 630 
Liabilities
Residual interests classified as debt(3)
(7,396)(74)— — — 6,746 — (724)
Net impact on earnings$(424,459)
_____________________
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $604.8 million and $804.8 million during the three and six months ended June 30, 2025, respectively, and securitization clean-up calls of $94.1 million during each of the three and six months ended June 30, 2025. Purchase activity included elective repurchases of $16.6 million during the six months ended June 30, 2024. There were no elective repurchases during the three months ended June 30, 2024. There were no securitization clean-up calls during the June 30, 2024 periods. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, securitizations and servicing, and within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the changes in our assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). We did not have any transfers into or out of Level 3 during the periods presented.
Fair Value atFair Value at
March 31,
2025
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,869,230 $(10,430)$2,032 $(290,015)$4,519,171 $(2,486,773)$722 $19,603,937 
Student loans9,571,457 100,161 698,901 — 993,326 (621,766)(438)10,741,641 
Home loans268,778 4,150 — (266,469)257,994 (5,092)— 259,361 
Loans at fair value(1)
27,709,465 93,881 700,933 (556,484)5,770,491 (3,113,631)284 30,604,939 
Servicing rights(2)
389,780 (16,925)3,573 (5,841)40,323 (35,904)— 375,006 
Residual investments(3)
28,730 671 3,827 (313)— (1,685)— 31,230 
IRLCs(4)
8,074 10,054 — — — (8,074)— 10,054 
Student loan commitments(4)
471 1,138 — — — (471)— 1,138 
Third party warrants(5)
540 — — — — — — 540 
Liabilities
Residual interests classified as debt(3)
(579)(12)— — — 37 — (554)
Net impact on earnings$88,807 
Fair Value atFair Value at
January 1,
2025
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2025
Assets
Personal loans$17,532,396 $(83,855)$4,930 $(1,485,419)$8,496,841 $(4,859,930)$(1,026)$19,603,937 
Student loans8,597,368 225,930 898,970 — 2,184,789 (1,167,012)1,596 10,741,641 
Home loans85,568 13,430 — (266,469)433,225 (6,393)— 259,361 
Loans at fair value(1)
26,215,332 155,505 903,900 (1,751,888)11,114,855 (6,033,335)570 30,604,939 
Servicing rights(2)
342,128 (15,851)7,210 (7,781)129,254 (79,954)— 375,006 
Residual investments(3)
25,394 1,335 8,082 (313)— (3,268)— 31,230 
IRLCs(4)
1,227 18,128 — — — (9,301)— 10,054 
Student loan commitments(4)
6,042 1,609 — — — (6,513)— 1,138 
Third party warrants(5)
540 — — — — — — 540 
Liabilities
Residual interests classified as debt(3)
(609)(47)— — — 102 — (554)
Net impact on earnings$160,679 
Fair Value atFair Value at
March 31,
2024
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2024
Assets
Personal loans$15,057,005 $(142,269)$696 $(1,199,368)$4,192,114 $(2,110,044)$(706)$15,797,428 
Student loans6,834,161 (8,592)101 — 736,518 (368,964)1,538 7,194,762 
Loans at fair value(1)
21,891,166 (150,861)797 (1,199,368)4,928,632 (2,479,008)832 22,992,190 
Servicing rights(2)
240,752 1,654 1,227 — 78,745 (31,049)— 291,329 
Residual investments(3)
35,853 213 — — — (3,551)— 32,515 
IRLCs(4)
2,436 1,875 — — — (2,436)— 1,875 
Student loan commitments(4)
314 569 — — — (314)— 569 
Third party warrants(5)
630 — — — — — — 630 
Liabilities
Residual interests classified as debt(3)
(4,129)(1)— — — 3,406 — (724)
Net impact on earnings$(146,551)
Fair Value atFair Value at
January 1,
2024
Impact on EarningsPurchasesSalesIssuancesSettlementsOther ChangesJune 30,
2024
Assets
Personal loans$15,330,573 $(411,695)$17,276 $(2,462,222)$7,470,996 $(4,145,741)$(1,759)$15,797,428 
Student loans6,725,484 (25,709)101 (294,187)1,488,198 (704,901)5,776 7,194,762 
Loans at fair value(1)
22,056,057 (437,404)17,377 (2,756,409)8,959,194 (4,850,642)4,017 22,992,190 
Servicing rights(2)
180,469 6,880 2,207 (53)154,299 (52,473)— 291,329 
Residual investments(3)
35,920 945 2,553 — — (6,903)— 32,515 
IRLCs(4)
2,155 4,311 — — — (4,591)— 1,875 
Student loan commitments(4)
5,465 883 — — — (5,779)— 569 
Third party warrants(5)
630 — — — — — — 630 
Liabilities
Residual interests classified as debt(3)
(7,396)(74)— — — 6,746 — (724)
Net impact on earnings$(424,459)
_____________________
(1)For loans at fair value, purchases reflect unpaid principal balance and relate to previously transferred loans. Purchase activity included elective repurchases of $604.8 million and $804.8 million during the three and six months ended June 30, 2025, respectively, and securitization clean-up calls of $94.1 million during each of the three and six months ended June 30, 2025. Purchase activity included elective repurchases of $16.6 million during the six months ended June 30, 2024. There were no elective repurchases during the three months ended June 30, 2024. There were no securitization clean-up calls during the June 30, 2024 periods. The remaining purchases during the periods presented related to standard representations and warranties pursuant to our various loan sale agreements. Issuances represent the principal balance of loans originated during the period. Settlements represent principal payments made on loans during the period. Other changes represent fair value adjustments that impact the balance sheet primarily associated with whole loan strategic repurchases, clean up calls and consolidated securitizations. Impacts on earnings for loans at fair value are recorded within interest income—loans and securitizations, within noninterest income—loan origination, sales, securitizations and servicing, and within noninterest expense—general and administrative in the condensed consolidated statements of operations and comprehensive income.
(2)For servicing rights, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(3)For residual investments, sales include the derecognition of investments associated with securitization clean up calls. The estimated amounts of gains and losses for residual investments included in earnings attributable to changes in instrument-specific credit risk were immaterial during the periods presented. For residual investments and residual interests classified as debt, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income, a portion of which is subsequently reclassified to interest expense—securitizations and warehouses for residual interests classified as debt and to interest income—loans and securitizations for residual investments, but does not impact the liability or asset balance, respectively.
(4)For IRLCs and student loan commitments, settlements reflect funded and unfunded adjustments representing the unpaid principal balance of funded and unfunded loans during the quarter multiplied by the IRLC or student loan commitment price in effect at the beginning of the quarter. For year-to-date periods, amounts represent the summation of the per-quarter effects. For IRLCs and student loan commitments, impacts on earnings are recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(5)For third party warrants, impacts on earnings are recorded within noninterest income—other in the condensed consolidated statements of operations and comprehensive income.
Schedule of Valuation Inputs and Assumptions
The following key unobservable assumptions were used in the fair value measurement of our loans:
June 30, 2025December 31, 2024
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
21.4% – 34.3%
26.45%
20.9% – 32.2%
26.01%
Annual default rate
2.9% – 59.6%
4.28%
4.4% – 51.2%
4.55%
Discount rate
4.7% – 7.0%
4.67%
5.3% – 7.4%
5.29%
Student loans
Conditional prepayment rate
9.5% – 12.4%
11.28%
8.6% – 11.9%
10.95%
Annual default rate
0.4% – 7.4%
0.67%
0.4% – 7.1%
0.73%
Discount rate
3.7% – 8.2%
3.97%
4.2% – 8.2%
4.40%
Home loans
Conditional prepayment rate
6.4% – 22.0%
14.27%
6.7% – 23.6%
14.77%
Annual default rate
0.1% – 1.9%
0.56%
0.1% – 3.5%
0.56%
Discount rate
5.8% – 6.4%
6.09%
5.0% – 9.2%
7.47%
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
June 30, 2025December 31, 2024
RangeWeighted AverageRange
Weighted Average
Personal loans
Market servicing costs
0.1% – 2.1%
0.2%
0.1% – 1.6%
0.2%
Conditional prepayment rate
9.0% – 43.5%
25.7%
7.5% – 36.7%
25.4%
Annual default rate
3.0% – 40.0%
4.9%
3.0% – 18.0%
4.5%
Discount rate
8.5% – 19.1%
9.7%
8.5% – 18.5%
9.4%
Student loans
Market servicing costs
0.1% – 0.3%
0.1%
0.1% – 0.3%
0.1%
Conditional prepayment rate
7.1% – 19.4%
12.4%
7.6% – 18.1%
11.9%
Annual default rate
0.3% – 3.7%
0.9%
0.3% – 3.7%
0.8%
Discount rate
8.5% – 8.5%
8.5%
8.5% – 8.5%
8.5%
Home loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
5.3% – 22.0%
7.7%
5.0% – 25.0%
6.9%
Annual default rate
0.0% – 0.1%
0.1%
0.0% – 0.1%
0.1%
Discount rate
9.3% – 10.0%
9.3%
9.3% – 10.0%
9.3%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
June 30, 2025December 31, 2024
Range

Weighted Average

Range
Weighted Average
Residual investments
Conditional prepayment rate
11.0% – 36.5%
19.2%
11.0% – 32.7%
16.0%
Annual default rate
0.6% – 7.8%
2.8%
0.5% – 7.8%
1.8%
Discount rate
5.5% – 30.0%
10.5%
5.5% – 30.0%
8.6%
Residual interests classified as debt
Conditional prepayment rate
12.4% – 12.4%
12.4%
11.9% – 11.9%
11.9%
Annual default rate
1.0% – 1.0%
1.0%
1.0% – 1.0%
1.0%
Discount rate
9.5% – 9.5%
9.5%
10.3% – 10.3%
10.3%
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
June 30, 2025December 31, 2024
RangeWeighted AverageRange
Weighted Average
IRLCs
Loan funding probability(1)
64.0% – 75.4%
71.0%
58.1% – 79.7%
71.8%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% – 95.0%
95.0%
___________________
(1)The aggregate amount of student loans we committed to fund was $36,562 and $149,402 as of June 30, 2025 and December 31, 2024, respectively. See Note 10. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
Six Months Ended June 30,
Input20252024
Risk-free interest rate
3.9%4.5%
Expected volatility
64.3%73.0%
Fair value of common stock
$11.26$8.02
Dividend yield
—%—%
The table below presents the fair value assumptions used for the period indicated:
InputSix Months Ended
June 30, 2025
Risk-free interest rate
4.3%
Expected term (in years)
0.5
Expected volatility
61.9%
Fair value of common stock

$14.70
Dividend yield
—%
Schedule of Sensitivity Analysis for Servicing Rights
The following table presents the estimated decrease to the fair value of our servicing rights if the key assumptions had each of the below adverse changes:
June 30, 2025December 31, 2024
Market servicing costs
2.5 basis points increase
$(7,937)

$(6,485)
5.0 basis points increase
(15,903)

(13,014)
Conditional prepayment rate
10% increase
$(11,317)

$(8,344)
20% increase
(22,025)

(16,255)
Annual default rate
10% increase
$(945)

$(662)
20% increase
(1,881)

(1,319)
Discount rate
100 basis points increase
$(6,789)

$(6,370)
200 basis points increase
(13,194)

(12,344)
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The following table summarizes the carrying values and estimated fair values, by level within the fair value hierarchy, of our assets and liabilities that are not measured at fair value on a recurring basis in the condensed consolidated balance sheets:
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
June 30, 2025
Assets
Cash and cash equivalents(1)
$2,122,502 $2,122,502 $— $— $2,122,502 
Restricted cash and restricted cash equivalents(1)
592,101 592,101 — — 592,101 
Loans(2)
1,495,145 — — 1,524,946 1,524,946 
Other investments(3)
124,384 — 124,384 — 124,384 
Total assets
$4,334,132 $2,714,603 $124,384 $1,524,946 $4,363,933 
Liabilities
Deposits(4)
$29,540,674 $— $29,543,141 $— $29,543,141 
Debt(5)
3,882,889 2,228,386 2,610,899 — 4,839,285 
Total liabilities
$33,423,563 $2,228,386 $32,154,040 $— $34,382,426 
December 31, 2024
Assets
Cash and cash equivalents(1)
$2,538,293 $2,538,293 $— $— $2,538,293 
Restricted cash and restricted cash equivalents(1)
171,067 171,067 — — 171,067 
Loans(2)
1,246,458 — — 1,274,080 1,274,080 
Other investments(3)
109,417 — 109,417 — 109,417 
Total assets
$4,065,235 $2,709,360 $109,417 $1,274,080 $4,092,857 
Liabilities
Deposits(4)
$25,978,204 $— $25,979,896 $— $25,979,896 
Debt(5)
3,011,814 1,994,381 1,742,884 — 3,737,265 
Total liabilities
$28,990,018 $1,994,381 $27,722,780 $— $29,717,161 
___________________
(1)The carrying amounts of our cash and cash equivalents and restricted cash and restricted cash equivalents approximate their fair values due to the short-term maturities and highly liquid nature of these accounts.
(2)The fair value of our credit cards was determined using a discounted cash flow model with key inputs relating to weighted average lives, expected lifetime loss rates and discount rate. The fair value of our commercial and consumer banking, loans held at lower of cost or market and secured loans was determined using a discounted cash flow model with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults.
(3)Other investments include FRB stock and FHLB stock, which are presented within other assets in the condensed consolidated balance sheets.
(4)The fair values of our deposits without contractually defined maturities (such as demand and savings deposits) and our noninterest-bearing deposits approximate their carrying values. The fair value of our time-based deposits was determined using a discounted cash flow model based on interest rates currently offered for deposits of similar remaining maturities.
(5)The carrying value of our debt is net of unamortized discounts and debt issuance costs. The fair value of our convertible notes was classified as Level 1, as it was based on an observable market quote. The estimated fair value of our 2026 convertible notes was $472.2 million and $453.5 million as of June 30, 2025 and December 31, 2024, respectively. The estimated fair value of our 2029 convertible notes was $1.8 billion and $1.5 billion as of June 30, 2025 and December 31, 2024, respectively. The fair values of our warehouse facility debt and revolving credit facility debt were classified as Level 2 based on market factors and credit factors specific to these financial instruments. The fair value of our securitization debt was classified as Level 2 and valued using a discounted cash flow model, with key inputs relating to the underlying contractual coupons, terms, discount rate and expectations for defaults and prepayments.
v3.25.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Share-based compensation expense related to stock options, RSUs, PSUs and the ESPP is presented within the following line items in the condensed consolidated statements of operations and comprehensive income:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Technology and product development$21,977 $21,745 $45,884 $41,024 
Sales and marketing5,296 5,372 10,648 10,334 
Cost of operations3,343 3,381 6,768 6,299 
General and administrative32,640 30,559 63,712 58,482 
Total
$63,256 

$61,057 

$127,012 

$116,139 
Schedule of Stock Option Activity
The following is a summary of stock option activity:
Number of
Stock Options
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term
(in years)
Outstanding as of January 1, 202514,810,602 $7.85 3.1
Exercised(133,779)5.77 
Expired
(8,748)6.20 
Outstanding as of June 30, 202514,668,075 $7.87 2.6
Exercisable as of June 30, 202514,668,075 $7.87 2.6
Schedule of Restricted Stock Unit Activity
The following table summarizes RSU activity:
Number of
RSUs
Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202560,423,369 $7.77 
Granted
18,368,182 12.67 
Vested(1)
(17,776,848)8.19 
Forfeited
(2,784,131)8.32 
Outstanding as of June 30, 2025
58,230,572$9.16 
________________________
(1)The total fair value, based on grant date fair value, of RSUs that vested during the six months ended June 30, 2025 was $145.7 million.
Schedule of Performance Stock Unit Activity
The following table summarizes PSU activity:
Number of
PSUs
Weighted Average Grant Date Fair Value
Outstanding as of January 1, 202514,048,503 $10.81 
Granted
1,820,753 13.42 
Forfeited
(449,659)7.52 
Outstanding as of June 30, 2025
15,419,597 $11.21 
Schedule of Valuation Inputs and Assumptions
The following key unobservable assumptions were used in the fair value measurement of our loans:
June 30, 2025December 31, 2024
RangeWeighted AverageRangeWeighted Average
Personal loans
Conditional prepayment rate
21.4% – 34.3%
26.45%
20.9% – 32.2%
26.01%
Annual default rate
2.9% – 59.6%
4.28%
4.4% – 51.2%
4.55%
Discount rate
4.7% – 7.0%
4.67%
5.3% – 7.4%
5.29%
Student loans
Conditional prepayment rate
9.5% – 12.4%
11.28%
8.6% – 11.9%
10.95%
Annual default rate
0.4% – 7.4%
0.67%
0.4% – 7.1%
0.73%
Discount rate
3.7% – 8.2%
3.97%
4.2% – 8.2%
4.40%
Home loans
Conditional prepayment rate
6.4% – 22.0%
14.27%
6.7% – 23.6%
14.77%
Annual default rate
0.1% – 1.9%
0.56%
0.1% – 3.5%
0.56%
Discount rate
5.8% – 6.4%
6.09%
5.0% – 9.2%
7.47%
The following key unobservable inputs were used in the fair value measurement of our classes of servicing rights:
June 30, 2025December 31, 2024
RangeWeighted AverageRange
Weighted Average
Personal loans
Market servicing costs
0.1% – 2.1%
0.2%
0.1% – 1.6%
0.2%
Conditional prepayment rate
9.0% – 43.5%
25.7%
7.5% – 36.7%
25.4%
Annual default rate
3.0% – 40.0%
4.9%
3.0% – 18.0%
4.5%
Discount rate
8.5% – 19.1%
9.7%
8.5% – 18.5%
9.4%
Student loans
Market servicing costs
0.1% – 0.3%
0.1%
0.1% – 0.3%
0.1%
Conditional prepayment rate
7.1% – 19.4%
12.4%
7.6% – 18.1%
11.9%
Annual default rate
0.3% – 3.7%
0.9%
0.3% – 3.7%
0.8%
Discount rate
8.5% – 8.5%
8.5%
8.5% – 8.5%
8.5%
Home loans
Market servicing costs
0.1% – 0.2%
0.1%
0.1% – 0.2%
0.1%
Conditional prepayment rate
5.3% – 22.0%
7.7%
5.0% – 25.0%
6.9%
Annual default rate
0.0% – 0.1%
0.1%
0.0% – 0.1%
0.1%
Discount rate
9.3% – 10.0%
9.3%
9.3% – 10.0%
9.3%
The following key unobservable inputs were used in the fair value measurements of our residual investments and residual interests classified as debt:
June 30, 2025December 31, 2024
Range

Weighted Average

Range
Weighted Average
Residual investments
Conditional prepayment rate
11.0% – 36.5%
19.2%
11.0% – 32.7%
16.0%
Annual default rate
0.6% – 7.8%
2.8%
0.5% – 7.8%
1.8%
Discount rate
5.5% – 30.0%
10.5%
5.5% – 30.0%
8.6%
Residual interests classified as debt
Conditional prepayment rate
12.4% – 12.4%
12.4%
11.9% – 11.9%
11.9%
Annual default rate
1.0% – 1.0%
1.0%
1.0% – 1.0%
1.0%
Discount rate
9.5% – 9.5%
9.5%
10.3% – 10.3%
10.3%
The following key unobservable inputs were used in the fair value measurements of our IRLCs and student loan commitments:
June 30, 2025December 31, 2024
RangeWeighted AverageRange
Weighted Average
IRLCs
Loan funding probability(1)
64.0% – 75.4%
71.0%
58.1% – 79.7%
71.8%
Student loan commitments
Loan funding probability(1)
95.0% – 95.0%
95.0%
95.0% – 95.0%
95.0%
___________________
(1)The aggregate amount of student loans we committed to fund was $36,562 and $149,402 as of June 30, 2025 and December 31, 2024, respectively. See Note 10. Derivative Financial Instruments for the aggregate notional amount associated with IRLCs.
The following table summarizes the inputs used for estimating the fair value of PSUs granted:
Six Months Ended June 30,
Input20252024
Risk-free interest rate
3.9%4.5%
Expected volatility
64.3%73.0%
Fair value of common stock
$11.26$8.02
Dividend yield
—%—%
The table below presents the fair value assumptions used for the period indicated:
InputSix Months Ended
June 30, 2025
Risk-free interest rate
4.3%
Expected term (in years)
0.5
Expected volatility
61.9%
Fair value of common stock

$14.70
Dividend yield
—%
v3.25.2
Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The calculations of basic and diluted earnings per share were as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ and shares in thousands, except per share amounts)(1)
2025202420252024
Numerator:
Net income$97,263 $17,404 $168,379 $105,447 
Less: Redeemable preferred stock dividends
— (6,424)— (16,503)
Less: Redeemable preferred stock redemptions, net(2)
— (3,026)— (3,026)
Net income attributable to common stockholders – basic
$97,263 $7,954 $168,379 $85,918 
Plus: Dilutive effect of convertible notes, net(3)
351 — 690 (55,829)
Net income attributable to common stockholders – diluted(3)
$97,614 $7,954 $169,069 $30,089 
Denominator:
Weighted average common stock outstanding – basic
1,107,006 1,058,592 1,102,525 1,020,605 
Convertible notes(4)
44,953 — 47,731 12,502 
Unvested RSUs24,899 5,290 27,571 7,521 
Common stock options5,941 1,289 6,330 1,775 
ESPP78 — 39 — 
Weighted average common stock outstanding – diluted
1,182,877 1,065,171 1,184,197 1,042,403 
Earnings per share – basic
$0.09 $0.01 $0.15 $0.08 
Earnings per share – diluted
$0.08 $0.01 $0.14 $0.03 
________________________
(1)Certain amounts may not recalculate exactly using the rounded amounts provided. Earnings per share is calculated based on unrounded numbers.
(2)In May 2024, we redeemed all outstanding Series 1 Redeemable Preferred Stock. The premium of $3,026 for the excess of the amount paid upon redemption over the carrying value of redeemable preferred stock at the time of exercise is considered to be akin to a dividend, and as such is deducted from net income (loss) to determine the net income (loss) attributable to common stockholders. See Note 9. Equity for additional information.
(3)Reflects interest expense incurred, net of tax, associated with convertible note activity during the period as evaluated under the if-converted method. For the six months ended June 30, 2024, diluted earnings per share of $0.03 and diluted net income attributable to common stockholders of $30,089 also exclude gain on extinguishment of debt, net of tax.
(4)For the three and six months ended June 30, 2025, includes incremental dilutive shares from 2026 convertible notes and 2029 convertible notes. For the six months ended June 30, 2024, includes incremental dilutive shares from 2026 convertible notes.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents the securities that were not included in the computation of diluted EPS as the effect would have been anti-dilutive.
Three Months Ended June 30,Six Months Ended June 30,
(Shares in thousands)
2025

2024

2025

2024
Unvested RSUs(1)
4,157 25,115 3,612 21,163 
Common stock options(1)
— 9,573 — 8,570 
Unvested PSUs
15,420 14,327 15,420 14,327 
ESPP
284 — 651 — 
Contingent common stock(2)
46 46 46 46 
Convertible notes
— 22,842 — 22,842 
________________________
(1)Amounts reflect weighted average instruments outstanding.
(2)Represents contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. These shares were issued in 2022 and partially released in 2023.
v3.25.2
Business Segment Information (Tables)
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segments
The following tables present financial information, including the measure of contribution profit, for each reportable segment. Directly attributable expenses are the significant expenses of each of our respective segments relative to those regularly provided to our CODM. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
Three Months Ended June 30, 2025
Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$372,675 $266 $193,322 $566,263 $(48,426)$517,837 
Noninterest income (expense)(2)
70,837 109,567 169,211 349,615 (12,508)337,107 
Total net revenue (loss)$443,512 $109,833 $362,533 $915,878 $(60,934)$854,944 
Provision for credit losses
— — (10,031)(10,031)
Servicing rights – change in valuation inputs or assumptions(3)
3,274 — — 3,274 
Residual interests classified as debt – change in valuation inputs or assumptions(4)
12 — — 12 
Directly attributable expenses(5):
Compensation and benefits(42,749)(44,168)(38,143)
Direct advertising(79,313)— (8,423)
Lead generation(49,558)— (33,180)
Loan origination and servicing costs(19,634)— — 
Product fulfillment— (15,250)(19,036)
Tools and subscriptions— (10,688)— 
Member incentives— — (18,003)
Professional services(3,505)(3,906)(6,475)
Intercompany technology platform expenses(477)— (13,320)
Other(6,852)(2,626)(27,690)
Directly attributable expenses
(202,088)(76,638)(164,270)(442,996)
Contribution profit
$244,710 $33,195 $188,232 $466,137 
Three Months Ended June 30, 2024
Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)$279,212 $555 $139,229 $418,996 $(6,412)$412,584 
Noninterest income (expense)(2)
61,493 94,883 36,903 193,279 (7,245)186,034 
Total net revenue (loss)$340,705 $95,438 $176,132 $612,275 $(13,657)$598,618 
Provision for credit losses

— 

— 

(11,634)

(11,634)




Servicing rights – change in valuation inputs or assumptions(3)
(1,654)— — (1,654)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
— — 
Directly attributable expenses(5):






Compensation and benefits
(30,625)(35,389)(32,309)
Direct advertising
(55,826)— (6,190)
Lead generation
(32,194)— (7,452)
Loan origination and servicing costs
(12,181)— — 
Product fulfillment
— (14,929)(17,221)
Tools and subscriptions
— (6,247)— 
Member incentives
— — (22,285)
Professional services

(2,777)

(3,226)

(4,489)






Intercompany technology platform expenses
(436)— (5,533)
Other
(7,075)(4,496)(13,799)
Directly attributable expenses(141,114)(64,287)(109,278)(314,679)
Contribution profit$197,938 $31,151 $55,220 $284,309 
Six Months Ended June 30, 2025
Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income (expense)
$733,296 $679 $366,521 $1,100,496 $(83,933)$1,016,563 
Noninterest income (expense)(2)
123,589 212,581 299,131 635,301 (25,161)610,140 
Total net revenue (loss)
$856,885 $213,260 $665,652 $1,735,797 $(109,094)$1,626,703 
Provision for credit losses
— — (15,670)(15,670)
Servicing rights – change in valuation inputs or assumptions(3)
2,200 — — 2,200 
Residual interests classified as debt – change in valuation inputs or assumptions(4)
47 — — 47 
Directly attributable expenses(5):
Compensation and benefits(78,638)(88,654)(80,622)
Direct advertising(147,082)— (14,099)
Lead generation(89,803)— (64,848)
Loan origination and servicing costs(38,355)— — 
Product fulfillment— (29,212)(37,737)
Tools and subscriptions— (17,578)— 
Member incentives— — (34,086)
Professional services(5,740)(6,576)(13,732)
Intercompany technology platform expenses(966)— (24,341)
Other(14,903)(7,132)(43,953)
Directly attributable expenses(375,487)(149,152)(313,418)(838,057)
Contribution profit
$483,645 $64,108 $336,564 $884,317 
Six Months Ended June 30, 2024Lending
Technology
Platform
Financial Services
Reportable Segments Total(1)
Corporate/Other(1)
Total
Net revenue
Net interest income
$545,748 $1,056 $258,942 $805,746 $9,556 $815,302 
Noninterest income(2)
125,433 188,748 67,741 381,922 46,389 428,311 
Total net revenue
$671,181 $189,804 $326,683 $1,187,668 $55,945 $1,243,613 
Provision for credit losses
— — (18,799)(18,799)
Servicing rights – change in valuation inputs or assumptions(3)
(6,880)— — (6,880)
Residual interests classified as debt – change in valuation inputs or assumptions(4)
74 — — 74 
Directly attributable expenses(5):
Compensation and benefits(58,879)(71,687)(64,814)
Direct advertising(100,595)— (15,187)
Lead generation(57,009)— (13,871)
Loan origination and servicing costs(22,611)— — 
Product fulfillment— (28,576)(33,797)
Tools and subscriptions— (12,982)— 
Member incentives— — (41,669)
Professional services(5,155)(5,922)(9,266)
Intercompany technology platform expenses(880)— (10,484)
Other(13,589)(8,744)(26,402)
Directly attributable expenses(258,718)(127,911)(215,490)(602,119)
Contribution profit
$405,657 $61,893 $92,394 $559,944 
____________________
(1)Within the Technology Platform segment, intercompany fees were $18,182 and $34,377 for the three and six months ended June 30, 2025 and $8,295 and $15,296 for the three and six months ended June 30, 2024. The equal and offsetting intercompany expenses are reflected within all three segments’ directly attributable expenses, as well as within expenses not allocated to segments. The intercompany revenues and expenses are eliminated in consolidation. The revenues are eliminated within Corporate/Other and the expenses are adjusted in our reconciliation of directly attributable expenses below.
(2)Refer to Note 2. Revenue for a reconciliation of revenue from contracts with customers to total noninterest income.
(3)Reflects changes in fair value inputs and assumptions on servicing rights, including conditional prepayment, default rates and discount rates. These assumptions are highly sensitive to market interest rate changes and are not indicative of our performance or results of operations. Moreover, these non-cash charges, which are recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, are unrealized during the period and, therefore, have no impact on our cash flows from operations.
(4)Reflects changes in fair value inputs and assumptions on residual interests classified as debt, including conditional prepayment, default rates and discount rates. When third parties finance our consolidated securitization VIEs by purchasing residual interests, we receive proceeds at the time of the closing of the securitization and, thereafter, pass along contractual cash flows to the residual interest owner. These residual debt obligations are measured at fair value on a recurring basis, with fair value changes recorded within noninterest income in the condensed consolidated statements of operations and comprehensive income, but they have no impact on our initial financing proceeds, our future obligations to the residual interest owner (because future residual interest claims are limited to contractual securitization collateral cash flows), or the general operations of our business.
(5)The significant expense categories and amounts presented align with the segment-level information that is regularly provided to the CODM. Other expenses for our Lending segment primarily include loan marketing expenses, member promotional expenses, tools and subscriptions, travel and occupancy-related costs and third-party loan fraud (net of related insurance recoveries). Other expenses for our Technology Platform are primarily related to travel and occupancy-related costs, advertising and marketing and accounts receivable write-offs. Other expenses for our Financial Services segment primarily include operational product losses, network servicing fees, travel and occupancy-related costs, tools and subscriptions, and marketing expenses.
The following table reconciles reportable segments total contribution profit to consolidated income before income taxes. Expenses not allocated to reportable segments represent items that are not considered by our CODM in evaluating segment performance or allocating resources.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Reportable segments total contribution profit $466,137 $284,309 $884,317 $559,944 
Corporate/Other total net revenue (loss)
(60,934)(13,657)

(109,094)55,945 
Intercompany expenses18,182 8,295 34,377 15,296 
Servicing rights – change in valuation inputs or assumptions(3,274)1,654 (2,200)6,880 
Residual interests classified as debt – change in valuation inputs or assumptions(12)(1)(47)(74)
Not allocated to segments:
Share-based compensation expense(63,256)(61,057)(127,012)(116,139)
Employee-related costs(1)
(86,586)(67,786)(174,783)(130,170)
Depreciation and amortization expense(56,743)(49,623)(112,026)(98,162)
Other corporate and unallocated(2)
(101,322)(86,794)(201,558)(183,954)
Income before income taxes$112,192 $15,340 $191,974 $109,566 
__________________
(1)Includes expenses related to compensation, benefits, restructuring charges, recruiting, certain occupancy-related costs and various travel costs of executive management, certain technology groups and general and administrative functions that are not directly attributable to the reportable segments.
(2)Represents corporate overhead costs that are not allocated to reportable segments, which primarily includes corporate marketing and advertising costs, tools and subscription costs, professional services costs, amortization of premiums on a credit default swap, corporate and FDIC insurance costs, foreign currency translation adjustments and transaction-related expenses.
v3.25.2
Organization, Summary of Significant Accounting Policies and New Accounting Standards (Details)
6 Months Ended
Jun. 30, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 3
v3.25.2
Revenue - Schedule of Revenues (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers $ 151,890 $ 120,782 $ 292,272 $ 236,391  
Loan origination, sales, securitizations and servicing 70,855 61,531 123,660 125,505  
Loan platform business, other 104,857 138 177,907 150  
Other 9,505 3,583 16,301 66,265  
Total other sources of revenue 185,217 65,252 317,868 191,920  
Total noninterest income 337,107 186,034 610,140 428,311  
Deferred revenue 7,430   7,430   $ 7,474
Deferred revenue, amount recognized 2,536 1,086 4,904 2,386  
Gain on extinguishment of convertible debt     0 59,194  
Financial Services          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 61,346 34,689 115,104 64,388  
Technology Platform          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 90,544 86,093 177,168 172,003  
Referrals, loan platform business | Financial Services          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 22,548 11,880 42,248 22,582  
Referrals, other | Financial Services          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 2,588 1,738 5,118 3,772  
Interchange | Financial Services          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 26,502 14,457 49,314 26,459  
Brokerage | Financial Services          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 7,542 5,960 14,527 9,994  
Financial services, other | Financial Services          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 2,166 654 3,897 1,581  
Technology services | Technology Platform          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers 89,574 85,469 175,562 170,119  
Technology platform, other | Technology Platform          
Disaggregation of Revenue [Line Items]          
Total revenue from contracts with customers $ 970 $ 624 $ 1,606 $ 1,884  
v3.25.2
Revenue - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]          
Accounts receivable associated with revenue from contracts with customer, net $ 70,104   $ 70,104   $ 61,569
Contract with customer, amortization expense $ 12,352 $ 4,538 $ 22,803 $ 7,553  
v3.25.2
Loans - Schedule of Loan Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for sale, at fair value $ 19,981,329 $ 17,684,892
Total loans held for sale, at lower of cost or market 81,760 0
Total loans held for sale 20,063,089 17,684,892
Loans held for investment 10,741,641 8,597,368
Loans held for investment, excluding accrued interest, after allowance for credit loss 1,413,385 1,246,458
Total loans held for investment 12,155,026 9,843,826
Total loans 32,218,115 27,528,718
Variable Interest Entity, Primary Beneficiary    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for sale 45,351 171,421
Loans held for investment 73,273 80,812
Personal loans | Personal loans    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for sale, at fair value 19,603,937 17,532,396
Total loans held for sale, at lower of cost or market 81,760 0
Personal loans | Personal loans | Variable Interest Entity, Primary Beneficiary    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for sale 45,351 171,421
Home Loans | Home loans    
Loans and Leases Receivable Disclosure [Line Items]    
Total loans held for sale, at fair value 377,392 152,496
Student Loans | Student loans    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment 10,741,641 8,597,368
Covered by financial guarantees 1,835,639 2,034,559
Student Loans | Student loans | Variable Interest Entity, Primary Beneficiary    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment 73,273 80,812
Secured loans    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment, excluding accrued interest, after allowance for credit loss 888,421 806,441
Credit card | Credit card    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment, excluding accrued interest, after allowance for credit loss 364,997 289,159
Commercial and Consumer Banking    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment, excluding accrued interest, after allowance for credit loss 159,967 150,858
Commercial and Consumer Banking | Commercial real estate    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment, excluding accrued interest, after allowance for credit loss 145,574 136,474
Commercial and Consumer Banking | Commercial and industrial    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment, excluding accrued interest, after allowance for credit loss 4,321 4,986
Commercial and Consumer Banking | Residential real estate and other consumer    
Loans and Leases Receivable Disclosure [Line Items]    
Loans held for investment, excluding accrued interest, after allowance for credit loss $ 10,072 $ 9,398
v3.25.2
Loans - Schedule of Loans Measured at Fair Value (Details) - Fair Value - Fair Value, Recurring - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance $ 28,875,719 $ 24,955,114
Accumulated interest 190,576 173,596
Cumulative fair value adjustments 1,656,675 1,153,550
Total fair value of loans 30,722,970 26,282,260
Personal loans | Personal Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 18,416,674 16,589,623
Accumulated interest 132,100 128,733
Cumulative fair value adjustments 1,055,163 814,040
Total fair value of loans 19,603,937 17,532,396
Student Loans | Student Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 10,099,685 8,215,629
Accumulated interest 57,581 44,603
Cumulative fair value adjustments 584,375 337,136
Total fair value of loans 10,741,641 8,597,368
Home Loans | Home Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 359,360 149,862
Accumulated interest 895 260
Cumulative fair value adjustments 17,137 2,374
Total fair value of loans $ 377,392 $ 152,496
v3.25.2
Loans - Schedule of Loans Measured at Fair Value, 90 Days or More Delinquent (Details) - Fair Value - Fair Value, Recurring - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance $ 28,875,719 $ 24,955,114
Accumulated interest 190,576 173,596
Cumulative fair value adjustments 1,656,675 1,153,550
Total fair value of loans 30,722,970 26,282,260
Fair value of loans 90 days or more delinquent    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 90,862 101,394
Accumulated interest 4,107 4,569
Cumulative fair value adjustments (73,032) (82,172)
Total fair value of loans 21,937 23,791
Personal loans | Personal Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 18,416,674 16,589,623
Accumulated interest 132,100 128,733
Cumulative fair value adjustments 1,055,163 814,040
Total fair value of loans 19,603,937 17,532,396
Personal loans | Personal Loans | Fair value of loans 90 days or more delinquent    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 77,941 91,477
Accumulated interest 3,858 4,400
Cumulative fair value adjustments (63,942) (75,390)
Total fair value of loans 17,857 20,487
Student Loans | Student Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 10,099,685 8,215,629
Accumulated interest 57,581 44,603
Cumulative fair value adjustments 584,375 337,136
Total fair value of loans 10,741,641 8,597,368
Student Loans | Student Loans | Fair value of loans 90 days or more delinquent    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 12,828 9,578
Accumulated interest 249 168
Cumulative fair value adjustments (9,082) (6,760)
Total fair value of loans 3,995 2,986
Home Loans | Home Loans    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 359,360 149,862
Accumulated interest 895 260
Cumulative fair value adjustments 17,137 2,374
Total fair value of loans 377,392 152,496
Home Loans | Home Loans | Fair value of loans 90 days or more delinquent    
Loans and Leases Receivable Disclosure [Line Items]    
Unpaid principal balance 93 339
Accumulated interest 0 1
Cumulative fair value adjustments (8) (22)
Total fair value of loans $ 85 $ 318
v3.25.2
Loans - Schedule of Loan Securitizations Accounted for as Sales (Details) - Loan securitizations - Personal loans
$ in Thousands
6 Months Ended
Jun. 30, 2024
USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]  
Cash $ 674,036
Securitization investments 35,616
Servicing assets recognized 27,523
Repurchase liabilities recognized (280)
Total consideration 736,895
Aggregate unpaid principal balance and accrued interest of loans sold 701,601
Realized gain (loss) $ 35,294
v3.25.2
Loans - Narrative (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Personal loans          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Deconsolidation of debt $ 0   $ 13,200,000    
Student Loans          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Deconsolidation of debt   $ 55,900,000   $ 98,000,000  
Secured loans          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Secured loans, amortized cost basis $ 887,000,000   $ 887,000,000   $ 804,800,000
Secured loan, term, up to (in years)     7 years    
v3.25.2
Loans - Schedule of Whole Loan Sales (Details) - Whole loans - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Personal loans        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Cash $ 200,326 $ 1,136,812 $ 1,313,348 $ 1,636,563
Receivable 0 0 0 3,036
Servicing assets recognized 11,817 70,472 80,442 104,021
Repurchase liabilities recognized (520) (4,181) (1,800) (5,981)
Total consideration 211,623 1,203,103 1,391,990 1,737,639
Aggregate unpaid principal balance and accrued interest of loans sold 200,526 1,136,427 1,313,698 1,639,464
Realized gain (loss) 11,097 66,676 78,292 98,175
Student Loans        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Cash 0 0 0 310,331
Servicing assets recognized 0 0 0 8,249
Repurchase liabilities recognized 0 0 0 (46)
Total consideration 0 0 0 318,534
Aggregate unpaid principal balance and accrued interest of loans sold 0 0 0 303,578
Realized gain (loss) 0 0 0 14,956
Home Loans        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Cash 792,211 385,030 1,118,851 729,708
Servicing assets recognized 4,222 3,390 7,016 6,222
Repurchase liabilities recognized (1,534) (634) (2,143) (1,139)
Total consideration 794,899 387,786 1,123,724 734,791
Aggregate unpaid principal balance and accrued interest of loans sold 779,332 381,299 1,101,864 725,557
Realized gain (loss) $ 15,567 $ 6,487 $ 21,860 $ 9,234
v3.25.2
Loans - Schedule of Delinquent Whole Loan Sales (Details) - Whole loans - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Personal loans        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Cash $ 200,326 $ 1,136,812 $ 1,313,348 $ 1,636,563
Servicing assets recognized 11,817 70,472 80,442 104,021
Repurchase liabilities recognized (520) (4,181) (1,800) (5,981)
Total consideration 211,623 1,203,103 1,391,990 1,737,639
Aggregate unpaid principal balance and accrued interest of loans sold 200,526 1,136,427 1,313,698 1,639,464
Realized gain (loss) 11,097 66,676 78,292 98,175
Student Loans        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Cash 0 0 0 310,331
Servicing assets recognized 0 0 0 8,249
Repurchase liabilities recognized 0 0 0 (46)
Total consideration 0 0 0 318,534
Aggregate unpaid principal balance and accrued interest of loans sold 0 0 0 303,578
Realized gain (loss) 0 0 0 14,956
Loans In Delinquency | Personal loans        
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]        
Cash 7,200 5,549 14,400 10,549
Servicing assets recognized 6,304 4,884 12,610 8,284
Repurchase liabilities recognized (90) (28) (171) (53)
Total consideration 13,414 10,405 26,839 18,780
Aggregate unpaid principal balance and accrued interest of loans sold 94,699 73,450 189,532 139,861
Realized gain (loss) (81,285) (63,045) (162,693) (121,081)
Aggregate unpaid principal balance sold 90,000 69,400 180,000 131,900
Aggregate unpaid principal balance sold, prior period write-down $ 63,400 $ 47,100 $ 126,700 $ 90,300
v3.25.2
Loans - Schedule of Loans Originated and Subsequently Sold (Details) - Loan Platform Business, Third-Party Loans - Personal loans - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]    
Cash $ 2,370,668 $ 3,917,253
Servicing assets recognized 17,707 28,633
Repurchase liabilities recognized (2,156) (3,217)
Total consideration 2,386,219 3,942,669
Aggregate unpaid principal balance and accrued interest of loans sold 2,285,070 3,773,422
Loan fees 83,442 140,614
Realized gain (loss) 101,149 169,247
Unpaid principal balance $ 2,300,000 $ 3,800,000
v3.25.2
Loans - Schedule of Personal Loan Securitization Transfers (Details) - Loan Platform Business, Personal Loan Securitization Transfers - Personal loans - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]    
Cash $ (173) $ (626)
Securitization investments 38,340 77,474
Servicing assets recognized 273 553
Repurchase liabilities recognized (38) (65)
Total consideration 38,402 77,336
Aggregate unpaid principal balance and accrued interest of loans sold 37,275 74,872
Realized gain (loss) 1,127 2,464
Unpaid principal balance $ 37,700 $ 75,900
v3.25.2
Loans - Schedule of Transferred Loans with Continued Involvement but Not Recorded on Consolidated Balance Sheet and Cash Flows Received (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Contractually Specified Servicing Fee Income, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag     Servicing fees collected from transferred loans    
Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced $ 19,496,884   $ 19,496,884   $ 17,525,491
Servicing fees collected from transferred loans 25,490 $ 26,877 55,183 $ 46,507  
Charge-offs, net of recoveries, of transferred loans 162,454 98,963 302,648 195,149  
Personal loans | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 9,165,685   9,165,685   6,060,329
Servicing fees collected from transferred loans 16,741 16,670 36,909 26,115  
Charge-offs, net of recoveries, of transferred loans 149,936 87,840 278,857 173,173  
Student Loans | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 3,813,984   3,813,984   5,230,303
Servicing fees collected from transferred loans 4,523 5,975 9,668 12,121  
Charge-offs, net of recoveries, of transferred loans 12,518 11,123 23,791 21,976  
Home Loans | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 6,517,215   6,517,215   6,234,859
Servicing fees collected from transferred loans 4,226 $ 4,232 8,606 $ 8,271  
Loans In Delinquency | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 369,727   369,727   333,630
Loans In Delinquency | Loans in delinquency (30+ days past due) | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 243,035   243,035   212,313
Loans In Delinquency | Personal loans | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 243,437   243,437   168,403
Loans In Delinquency | Personal loans | Loans in delinquency (30+ days past due) | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 156,286   156,286   109,169
Loans In Delinquency | Student Loans | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 88,087   88,087   129,317
Loans In Delinquency | Student Loans | Loans in delinquency (30+ days past due) | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 48,546   48,546   67,234
Loans In Delinquency | Home Loans | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced 38,203   38,203   35,910
Loans In Delinquency | Home Loans | Loans in delinquency (30+ days past due) | Variable Interest Entity, Not Primary Beneficiary          
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]          
Total loans serviced $ 38,203   $ 38,203   $ 35,910
v3.25.2
Loans - Schedule of Loans by Status (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]            
Loans held for investment, allowance for credit loss $ 47,838   $ 46,684      
Total Loans            
Financing Receivable, Past Due [Line Items]            
Total loans 1,449,056   1,285,910      
Current            
Financing Receivable, Past Due [Line Items]            
Total loans 1,435,405   1,269,849      
Total Delinquent Loans            
Financing Receivable, Past Due [Line Items]            
Total loans 13,651   16,061      
30–59 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 3,480   3,429      
60–89 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 3,025   3,499      
≥ 90 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 7,146   9,133      
Secured loans            
Financing Receivable, Past Due [Line Items]            
Accumulated accrued interest 1,374   1,641      
Secured loans | Total Loans            
Financing Receivable, Past Due [Line Items]            
Total loans 887,047   804,800      
Secured loans | Current            
Financing Receivable, Past Due [Line Items]            
Total loans 887,047   804,800      
Secured loans | Total Delinquent Loans            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Secured loans | 30–59 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Secured loans | 60–89 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Secured loans | ≥ 90 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Credit card | Credit card loans            
Financing Receivable, Past Due [Line Items]            
Loans held for investment, allowance for credit loss 45,515 $ 42,179 44,350 $ 49,406 $ 49,092 $ 52,385
Accumulated accrued interest 4,203   4,125      
Credit card | Total Loans | Credit card loans            
Financing Receivable, Past Due [Line Items]            
Total loans 400,269   328,472      
Credit card | Current | Credit card loans            
Financing Receivable, Past Due [Line Items]            
Total loans 386,825   312,676      
Credit card | Total Delinquent Loans | Credit card loans            
Financing Receivable, Past Due [Line Items]            
Total loans 13,444   15,796      
Credit card | 30–59 Days | Credit card loans            
Financing Receivable, Past Due [Line Items]            
Total loans 3,480   3,429      
Credit card | 60–89 Days | Credit card loans            
Financing Receivable, Past Due [Line Items]            
Total loans 2,907   3,311      
Credit card | ≥ 90 Days | Credit card loans            
Financing Receivable, Past Due [Line Items]            
Total loans 7,057   9,056      
Commercial and consumer banking            
Financing Receivable, Past Due [Line Items]            
Total loans 154,288          
Loans on nonaccrual status 0   0      
Loans held for investment, allowance for credit loss 2,323 $ 2,190 2,334 $ 2,502 $ 2,221 $ 2,310
Accumulated accrued interest 550   554      
Commercial and consumer banking | Commercial real estate            
Financing Receivable, Past Due [Line Items]            
Total loans 147,030          
Commercial and consumer banking | Commercial and industrial            
Financing Receivable, Past Due [Line Items]            
Total loans 3,354          
Commercial and consumer banking | Residential real estate and other consumer            
Financing Receivable, Past Due [Line Items]            
Total loans 3,904          
Commercial and consumer banking | Total Loans            
Financing Receivable, Past Due [Line Items]            
Total loans 161,740   152,638      
Commercial and consumer banking | Total Loans | Commercial real estate            
Financing Receivable, Past Due [Line Items]            
Total loans 147,197   138,172      
Commercial and consumer banking | Total Loans | Commercial and industrial            
Financing Receivable, Past Due [Line Items]            
Total loans 4,405   5,096      
Commercial and consumer banking | Total Loans | Residential real estate and other consumer            
Financing Receivable, Past Due [Line Items]            
Total loans 10,138   9,370      
Commercial and consumer banking | Current            
Financing Receivable, Past Due [Line Items]            
Total loans 161,533   152,373      
Commercial and consumer banking | Current | Commercial real estate            
Financing Receivable, Past Due [Line Items]            
Total loans 147,197   138,172      
Commercial and consumer banking | Current | Commercial and industrial            
Financing Receivable, Past Due [Line Items]            
Total loans 4,198   4,831      
Commercial and consumer banking | Current | Residential real estate and other consumer            
Financing Receivable, Past Due [Line Items]            
Total loans 10,138   9,370      
Commercial and consumer banking | Total Delinquent Loans            
Financing Receivable, Past Due [Line Items]            
Total loans 207   265      
Commercial and consumer banking | Total Delinquent Loans | Commercial real estate            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | Total Delinquent Loans | Commercial and industrial            
Financing Receivable, Past Due [Line Items]            
Total loans 207   265      
Commercial and consumer banking | Total Delinquent Loans | Residential real estate and other consumer            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | 30–59 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | 30–59 Days | Commercial real estate            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | 30–59 Days | Commercial and industrial            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | 30–59 Days | Residential real estate and other consumer            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | 60–89 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 118   188      
Commercial and consumer banking | 60–89 Days | Commercial real estate            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | 60–89 Days | Commercial and industrial            
Financing Receivable, Past Due [Line Items]            
Total loans 118   188      
Commercial and consumer banking | 60–89 Days | Residential real estate and other consumer            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | ≥ 90 Days            
Financing Receivable, Past Due [Line Items]            
Total loans 89   77      
Commercial and consumer banking | ≥ 90 Days | Commercial real estate            
Financing Receivable, Past Due [Line Items]            
Total loans 0   0      
Commercial and consumer banking | ≥ 90 Days | Commercial and industrial            
Financing Receivable, Past Due [Line Items]            
Total loans 89   77      
Commercial and consumer banking | ≥ 90 Days | Residential real estate and other consumer            
Financing Receivable, Past Due [Line Items]            
Total loans $ 0   $ 0      
v3.25.2
Loans - Schedule of Internal Risk Tier Categories (Details) - Total Loans - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Total loans $ 1,449,056 $ 1,285,910
Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 400,269 328,472
≥ 800 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 43,324 38,076
780 – 799 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 24,739 24,566
760 – 779 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 27,085 24,533
740 – 759 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 30,242 26,321
720 – 739 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 41,116 30,215
700 – 719 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 51,677 36,050
680 – 699 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 52,820 37,994
660 – 679 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 39,963 30,504
640 – 659 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 26,258 21,206
620 – 639 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 15,656 14,098
600 – 619 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans 10,773 9,393
≤ 599 | Credit card | Credit card loans    
Financing Receivable, Past Due [Line Items]    
Total loans $ 36,616 $ 35,516
v3.25.2
Loans - Schedule of Risk Categories of Loans by Class of Loans (Details) - Commercial and Consumer Banking
$ in Thousands
Jun. 30, 2025
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 $ 16,212
2024 35,816
2023 24,160
2022 33,891
2021 7,043
Prior 37,166
Total Term Loans 154,288
Revolving Loans 7,452
Commercial real estate  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 16,212
2024 35,683
2023 24,111
2022 33,891
2021 7,043
Prior 30,090
Total Term Loans 147,030
Revolving Loans 167
Commercial real estate | Pass  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 16,212
2024 34,007
2023 18,935
2022 28,809
2021 7,043
Prior 24,592
Total Term Loans 129,598
Revolving Loans 167
Commercial real estate | Watch  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 0
2023 5,176
2022 2,383
2021 0
Prior 2,179
Total Term Loans 9,738
Revolving Loans 0
Commercial real estate | Special mention  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 1,676
2023 0
2022 2,699
2021 0
Prior 713
Total Term Loans 5,088
Revolving Loans 0
Commercial real estate | Substandard  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 2,606
Total Term Loans 2,606
Revolving Loans 0
Commercial and industrial  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 133
2023 49
2022 0
2021 0
Prior 3,172
Total Term Loans 3,354
Revolving Loans 1,051
Commercial and industrial | Pass  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 133
2023 18
2022 0
2021 0
Prior 2,948
Total Term Loans 3,099
Revolving Loans 1,051
Commercial and industrial | Watch  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 0
2023 31
2022 0
2021 0
Prior 0
Total Term Loans 31
Revolving Loans 0
Commercial and industrial | Substandard  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 224
Total Term Loans 224
Revolving Loans 0
Residential real estate and other consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 3,904
Total Term Loans 3,904
Revolving Loans 6,234
Residential real estate and other consumer | Pass  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 3,904
Total Term Loans 3,904
Revolving Loans 4,330
Residential real estate and other consumer | Watch  
Financing Receivable, Credit Quality Indicator [Line Items]  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total Term Loans 0
Revolving Loans $ 1,904
v3.25.2
Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance     $ 46,684  
Provision for credit losses $ 10,035 $ 11,640 15,713 $ 18,822
Ending balance 47,838   47,838  
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 2,789 2,109 2,444 1,837
Provision for credit losses 389 382 767 2,793
Net charge-offs 0 (982) (33) (3,121)
Ending balance 3,178 1,509 3,178 1,509
Recovery of previously reserved related to accounts receivable 300 541 602 1,038
Credit Card Loans | Credit card loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 42,179 49,092 44,350 52,385
Provision for credit losses 9,901 11,348 15,720 18,601
Net charge-offs (6,565) (11,034) (14,555) (21,580)
Ending balance 45,515 49,406 45,515 49,406
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Recovery of previously reserved related to credit cards 805 1,136 1,569 2,219
Commercial and Consumer Banking        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 2,190 2,221 2,334 2,310
Provision for credit losses 134 292 (7) 221
Net charge-offs (1) (11) (4) (29)
Ending balance $ 2,323 $ 2,502 $ 2,323 $ 2,502
v3.25.2
Allowance for Credit Losses - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Credit card | Credit card loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Accrued interest receivable written off $ 1.5 $ 2.4 $ 3.4 $ 5.0
v3.25.2
Investments Securities - Schedule of Investments in Debt Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 2,255,505 $ 1,807,686
Accrued Interest $ 6,770 $ 5,717
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Fair Value Fair Value
Gross Unrealized Gains $ 8,955 $ 3,599
Gross Unrealized Losses (4,642) (12,959)
Fair Value $ 2,266,588 $ 1,804,043
Percentage of high credit quality on amortized cost basis of investments 98.00% 100.00%
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 228,216 $ 277,555
Accrued Interest 2,451 2,622
Gross Unrealized Gains 592 77
Gross Unrealized Losses (927) (6,602)
Fair Value 230,332 273,652
Agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,990,751 1,525,913
Accrued Interest 4,119 3,048
Gross Unrealized Gains 8,194 3,522
Gross Unrealized Losses (3,502) (6,089)
Fair Value 1,999,562 1,526,394
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,257 3,272
Accrued Interest 29 39
Gross Unrealized Gains 0 0
Gross Unrealized Losses (61) (94)
Fair Value 2,225 3,217
Asset-backed bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 28,894  
Accrued Interest 121  
Gross Unrealized Gains 0  
Gross Unrealized Losses (11)  
Fair Value 29,004  
Residual investments    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,438  
Accrued Interest 42  
Gross Unrealized Gains 169  
Gross Unrealized Losses 0  
Fair Value 4,649  
Other    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 949 946
Accrued Interest 8 8
Gross Unrealized Gains 0 0
Gross Unrealized Losses (141) (174)
Fair Value $ 816 $ 780
v3.25.2
Investments Securities - Schedule of Investment Securities in Gross Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value $ 727,239 $ 831,764
Investments in AFS debt securities, less than 12 months, gross unrealized losses (3,521) (11,996)
Investments in AFS debt securities, 12 months or longer, fair value 33,397 16,571
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (1,121) (963)
Investments in AFS debt securities, total, fair value 760,636 848,335
Investments in AFS debt securities, total, gross unrealized losses (4,642) (12,959)
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 74,320 217,683
Investments in AFS debt securities, less than 12 months, gross unrealized losses (882) (6,497)
Investments in AFS debt securities, 12 months or longer, fair value 5,186 5,256
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (45) (105)
Investments in AFS debt securities, total, fair value 79,506 222,939
Investments in AFS debt securities, total, gross unrealized losses (927) (6,602)
Agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 622,928 614,081
Investments in AFS debt securities, less than 12 months, gross unrealized losses (2,598) (5,499)
Investments in AFS debt securities, 12 months or longer, fair value 26,159 7,319
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (904) (590)
Investments in AFS debt securities, total, fair value 649,087 621,400
Investments in AFS debt securities, total, gross unrealized losses (3,502) (6,089)
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 988 0
Investments in AFS debt securities, less than 12 months, gross unrealized losses (30) 0
Investments in AFS debt securities, 12 months or longer, fair value 1,236 3,216
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (31) (94)
Investments in AFS debt securities, total, fair value 2,224 3,216
Investments in AFS debt securities, total, gross unrealized losses (61) (94)
Asset-backed bonds    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 29,003  
Investments in AFS debt securities, less than 12 months, gross unrealized losses (11)  
Investments in AFS debt securities, 12 months or longer, fair value 0  
Investments in AFS debt securities, 12 months or longer, gross unrealized losses 0  
Investments in AFS debt securities, total, fair value 29,003  
Investments in AFS debt securities, total, gross unrealized losses (11)  
Other    
Debt Securities, Available-for-sale [Line Items]    
Investments in AFS debt securities, less than 12 months, fair value 0 0
Investments in AFS debt securities, less than 12 months, gross unrealized losses 0 0
Investments in AFS debt securities, 12 months or longer, fair value 816 780
Investments in AFS debt securities, 12 months or longer, gross unrealized losses (141) (174)
Investments in AFS debt securities, total, fair value 816 780
Investments in AFS debt securities, total, gross unrealized losses $ (141) $ (174)
v3.25.2
Investments Securities - Schedule of Investments by Contractual Maturity (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments in AFS debt securities—Amortized cost:    
Due Within One Year $ 6,211  
Due After One Year Through Five Years 177,981  
Due After Five Years Through Ten Years 121,171  
Due After Ten Years 1,950,142  
Amortized Cost $ 2,255,505 $ 1,807,686
Weighted average yield for investments in AFS debt securities    
Due Within One Year 2.26%  
Due After One Year Through Five Years 3.95%  
Due After Five Years Through Ten Years 3.98%  
Due After Ten Years 5.36%  
Total 5.24%  
AFS investment securities—Fair value:    
Due Within One Year $ 6,167  
Due After One Year Through Five Years 179,067  
Due After Five Years Through Ten Years 120,301  
Due After Ten Years 1,954,283  
Total 2,259,818  
Accrued Interest 6,770 5,717
U.S. Treasury securities    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 6,209  
Due After One Year Through Five Years 147,898  
Due After Five Years Through Ten Years 74,109  
Due After Ten Years 0  
Amortized Cost 228,216 277,555
AFS investment securities—Fair value:    
Due Within One Year 6,165  
Due After One Year Through Five Years 148,488  
Due After Five Years Through Ten Years 73,228  
Due After Ten Years 0  
Total 227,881  
Accrued Interest 2,451 2,622
Agency mortgage-backed securities    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 2  
Due After One Year Through Five Years 30,083  
Due After Five Years Through Ten Years 10,524  
Due After Ten Years 1,950,142  
Amortized Cost 1,990,751 1,525,913
AFS investment securities—Fair value:    
Due Within One Year 2  
Due After One Year Through Five Years 30,579  
Due After Five Years Through Ten Years 10,579  
Due After Ten Years 1,954,283  
Total 1,995,443  
Accrued Interest 4,119 3,048
Corporate bonds    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 2,257  
Due After Ten Years 0  
Amortized Cost 2,257 3,272
AFS investment securities—Fair value:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 2,196  
Due After Ten Years 0  
Total 2,196  
Accrued Interest 29 39
Asset-backed bonds    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 28,894  
Due After Ten Years 0  
Amortized Cost 28,894  
AFS investment securities—Fair value:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 28,883  
Due After Ten Years 0  
Total 28,883  
Accrued Interest 121  
Residual investments    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 4,438  
Due After Ten Years 0  
Amortized Cost 4,438  
AFS investment securities—Fair value:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 4,607  
Due After Ten Years 0  
Total 4,607  
Accrued Interest 42  
Other    
Investments in AFS debt securities—Amortized cost:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 949  
Due After Ten Years 0  
Amortized Cost 949 946
AFS investment securities—Fair value:    
Due Within One Year 0  
Due After One Year Through Five Years 0  
Due After Five Years Through Ten Years 808  
Due After Ten Years 0  
Total 808  
Accrued Interest $ 8 $ 8
v3.25.2
Investments Securities - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Gross realized gains (losses) on investments in available-for-sale debt securities $ 2,893 $ 0 $ (134) $ 0
v3.25.2
Securitization and Variable Interest Entities - Narrative (Details)
$ in Millions
6 Months Ended
Jun. 30, 2025
USD ($)
entity
trust
Dec. 31, 2024
USD ($)
entity
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of consolidated VIEs (in entities) 2 4
Number of consolidated VIEs exercised securitization clean up calls (in entities) 2  
Number of nonconsolidated entities in which investments are held 24 23
Number of nonconsolidated trusts established | trust 2  
Number of nonconsolidated trusts called | trust 1  
Investments | $ $ 28.3 $ 12.6
Unfunded commitments | $ $ 23.0 $ 11.1
Expected funding term (in years) 3 years  
v3.25.2
Securitization and Variable Interest Entities - Schedule of Outstanding Value of Unconsolidated VIEs (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Secured loans $ 1,413,385 $ 1,246,458
Servicing rights 375,006 342,128
Secured loans    
Variable Interest Entity [Line Items]    
Secured loans 888,421 806,441
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Securitization investments 141,875 91,646
Servicing rights 103,865 100,839
Variable Interest Entity, Not Primary Beneficiary | Secured loans    
Variable Interest Entity [Line Items]    
Secured loans $ 888,421 $ 806,441
v3.25.2
Securitization and Variable Interest Entities - Schedule of Securitization of Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Investments in available-for-sale securities, amortized cost $ 2,255,505 $ 1,807,686
Asset-backed bonds    
Variable Interest Entity [Line Items]    
Investments in available-for-sale securities, amortized cost 28,894  
Residual investments    
Variable Interest Entity [Line Items]    
Investments in available-for-sale securities, amortized cost 4,438  
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Securitization investments 141,875 91,646
Variable Interest Entity, Not Primary Beneficiary | Asset-backed bonds    
Variable Interest Entity [Line Items]    
Investments in available-for-sale securities, amortized cost 28,900  
Variable Interest Entity, Not Primary Beneficiary | Residual investments    
Variable Interest Entity [Line Items]    
Investments in available-for-sale securities, amortized cost 4,400  
Variable Interest Entity, Not Primary Beneficiary | Personal loans    
Variable Interest Entity [Line Items]    
Securitization investments 110,671 56,849
Variable Interest Entity, Not Primary Beneficiary | Student Loans    
Variable Interest Entity [Line Items]    
Securitization investments $ 31,204 $ 34,797
v3.25.2
Deposits - Schedule of Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Interest-bearing deposits:    
Savings deposits $ 26,422,013 $ 22,838,858
Demand deposits 2,393,984 2,205,377
Time deposits 595,107 817,165
Total interest-bearing deposits 29,411,104 25,861,400
Noninterest-bearing deposits 129,570 116,804
Total deposits 29,540,674 25,978,204
Brokered deposits 556,684 772,914
Uninsured deposits $ 25,340 $ 20,305
v3.25.2
Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Time Deposits, Fiscal Year Maturity [Abstract]    
Remainder of 2025 $ 373,649  
2026 221,113  
2027 36  
2028 164  
2029 117  
Thereafter 28  
Total $ 595,107 $ 817,165
v3.25.2
Debt - Schedule of Debt (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Mar. 31, 2024
Debt Instrument [Line Items]            
Total Outstanding $ 3,961,168,000   $ 3,961,168,000   $ 3,114,283,000  
Less: unamortized debt issuance costs, premiums and discounts (18,532,000)   (18,532,000)   (21,591,000)  
Total debt 3,942,636,000   3,942,636,000   3,092,692,000  
Debt discounts issued     0      
Amount not available for general borrowing purposes to secure letter of credit 5,600,000   5,600,000   5,600,000  
Asset Pledged as Collateral            
Debt Instrument [Line Items]            
Amount not available for general borrowing purposes to secure letter of credit $ 25,200,000   $ 25,200,000   25,200,000  
Minimum            
Debt Instrument [Line Items]            
Unused commitment fee percentage     0.00%      
Maximum            
Debt Instrument [Line Items]            
Unused commitment fee percentage     0.50%      
Convertible notes | Convertible senior notes due 2026            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 0.00%   0.00%      
Total Outstanding $ 428,022,000   $ 428,022,000   428,022,000  
Less: unamortized debt issuance costs, premiums and discounts (2,400,000)   (2,400,000)   (3,300,000)  
Interest expense $ 500,000 $ 500,000 $ 900,000 $ 1,700,000    
Effective interest rate (as percent) 0.43% 0.43% 0.43% 0.44%    
Net carrying amount $ 425,700,000   $ 425,700,000   424,700,000  
Convertible notes | Convertible senior notes due 2029            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 1.25%   1.25%     1.25%
Total Outstanding $ 862,500,000   $ 862,500,000   862,500,000  
Less: unamortized debt issuance costs, premiums and discounts (16,200,000)   (16,200,000)   (18,300,000)  
Interest expense $ 3,800,000 $ 3,800,000 $ 7,500,000 $ 4,800,000    
Effective interest rate (as percent) 1.75% 1.75% 1.76% 1.76%    
Net carrying amount $ 846,300,000   $ 846,300,000   844,200,000  
Contractual interest expense 2,700,000 $ 2,600,000 5,400,000 $ 3,400,000    
Amortization of discounts and issuance costs 1,100,000 $ 1,100,000 2,100,000 $ 1,400,000    
Other Financings | Other financing            
Debt Instrument [Line Items]            
Total Collateral 145,054,000   145,054,000      
Total Capacity 210,788,000   210,788,000      
Total Outstanding 0   0   0  
Other Financings | Other financing | Loans at fair value            
Debt Instrument [Line Items]            
Total Collateral 60,100,000   60,100,000      
Other Financings | Other financing | Securities Investment            
Debt Instrument [Line Items]            
Total Collateral 85,000,000.0   85,000,000.0      
Personal Loan Securitizations            
Debt Instrument [Line Items]            
Total Collateral $ 44,882,000   $ 44,882,000      
Stated Interest rate (as percent) 0.00%   0.00%      
Total Outstanding $ 0   $ 0   14,377,000  
Student loan securitizations            
Debt Instrument [Line Items]            
Total Collateral 70,342,000   70,342,000      
Total Outstanding $ 59,747,000   $ 59,747,000   66,501,000  
Student loan securitizations | Minimum            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 3.09%   3.09%      
Student loan securitizations | Maximum            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 3.73%   3.73%      
Secured Debt | Asset Pledged as Collateral            
Debt Instrument [Line Items]            
Total Capacity $ 160,800,000   $ 160,800,000      
Unsecured Debt            
Debt Instrument [Line Items]            
Total Capacity 50,000,000.0   50,000,000.0      
Personal loan warehouse facilities | Line of Credit            
Debt Instrument [Line Items]            
Total Collateral 1,036,259,000   1,036,259,000      
Total Capacity 3,700,000,000   3,700,000,000      
Total Outstanding $ 883,867,000   $ 883,867,000   205,367,000  
Personal loan warehouse facilities | Line of Credit | Minimum            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 4.95%   4.95%      
Personal loan warehouse facilities | Line of Credit | Maximum            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 5.65%   5.65%      
Student loan warehouse facilities | Line of Credit            
Debt Instrument [Line Items]            
Total Collateral $ 1,473,868,000   $ 1,473,868,000      
Total Capacity 3,480,000,000   3,480,000,000      
Total Outstanding $ 1,236,306,000   $ 1,236,306,000   1,044,682,000  
Student loan warehouse facilities | Line of Credit | Minimum            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 4.95%   4.95%      
Student loan warehouse facilities | Line of Credit | Maximum            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 6.05%   6.05%      
Risk retention warehouse facilities | Line of Credit            
Debt Instrument [Line Items]            
Total Collateral $ 16,643,000   $ 16,643,000      
Stated Interest rate (as percent) 5.95%   5.95%      
Total Capacity $ 100,000,000   $ 100,000,000      
Total Outstanding 4,726,000   4,726,000   6,834,000  
Revolving credit facility | Line of Credit            
Debt Instrument [Line Items]            
Amount not available for general borrowing purposes to secure letter of credit $ 12,300,000   $ 12,300,000      
Revolving credit facility | Revolving credit facility            
Debt Instrument [Line Items]            
Stated Interest rate (as percent) 5.92%   5.92%      
Total Capacity $ 645,000,000   $ 645,000,000      
Total Outstanding 486,000,000   486,000,000   486,000,000  
Less: unamortized debt issuance costs, premiums and discounts $ (1,200,000)   $ (1,200,000)   $ (1,500,000)  
v3.25.2
Debt - Narrative (Details)
1 Months Ended 3 Months Ended 6 Months Ended
Aug. 31, 2024
USD ($)
shares
Mar. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Jun. 30, 2025
USD ($)
day
shares
Jun. 30, 2025
USD ($)
facility
shares
Jun. 30, 2024
shares
Oct. 04, 2021
USD ($)
Common Stock              
Debt Instrument [Line Items]              
Extinguishment of convertible notes by issuance of common stock (in shares) | shares 10,591,795 72,621,879 9,490,000     72,621,879  
Line of Credit | Loan Warehouse Facilities              
Debt Instrument [Line Items]              
Number of matured warehouse facilities | facility         1    
Number of new warehouses opened | facility         1    
Total Capacity       $ 450,000,000.0 $ 450,000,000.0    
Number of facilities closed | facility         2    
Maximum available capacity of closed facilities       $ 250,000,000.0 $ 250,000,000.0    
Line of Credit | Risk retention warehouse facilities              
Debt Instrument [Line Items]              
Stated Interest rate (as percent)       5.95% 5.95%    
Total Capacity       $ 100,000,000 $ 100,000,000    
Convertible senior notes due 2026 | Convertible notes              
Debt Instrument [Line Items]              
Face amount       $ 428,000,000.0 $ 428,000,000.0   $ 1,200,000,000
Debt repurchased, face amount $ 84,000,000.0 $ 600,000,000.0 $ 88,000,000.0        
Shares available for conversion (in shares) | shares       19,096,202 19,096,202    
Stated Interest rate (as percent)       0.00% 0.00%    
Convertible senior notes due 2029 | Convertible notes              
Debt Instrument [Line Items]              
Face amount   $ 862,500,000          
Stated Interest rate (as percent)   1.25%   1.25% 1.25%    
Threshold percentage of stock price trigger       130.00%      
Threshold trading days | day       20      
Threshold consecutive trading days | day       30      
v3.25.2
Debt - Schedule of Maturities of Borrowings (Details) - Debt with Scheduled Payments
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Remainder of 2025 $ 0
2026 428,022
2027 0
2028 486,000
2029 862,500
Thereafter 0
Total $ 1,776,522
v3.25.2
Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2024
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
vote
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
Dec. 31, 2024
$ / shares
shares
Jun. 01, 2021
$ / shares
shares
May 28, 2021
$ / shares
shares
Class of Stock [Line Items]              
Preferred stock, shares authorized (in shares)             100,000,000
Preferred stock, par value (in dollars per share) | $ / shares             $ 0.0001
Redeemable preferred stock, shares authorized (in shares)             100,000,000
Redeemable preferred stock, par value (in dollars per share) | $ / shares             $ 0.0000025
Common stock, shares authorized (in shares)     3,100,000,000   3,100,000,000    
Common stock, par value (in dollars per share) | $ / shares     $ 0.00   $ 0.00    
Common stock, shares issued (in shares)     1,113,442,968   1,095,357,781    
Common stock, shares outstanding (in shares)     1,113,442,968   1,095,357,781    
Dividends paid (in dollars per share) | $ / shares     $ 0 $ 0      
Dividends declared (in dollars per share) | $ / shares     $ 0 $ 0      
Number of votes per share of common stock | vote     1        
Series 1              
Class of Stock [Line Items]              
Redeemable preferred stock, shares authorized (in shares)             4,500,000
Redeemable preferred stock, conversion ratio             1
Number of shares called during period (in shares) 3,234,000            
Preferred stock, shares outstanding (in shares)     0        
Dividends declared and paid | $   $ 6,424   $ 16,503      
Common Stock              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)           3,000,000,000  
Common stock, par value (in dollars per share) | $ / shares           $ 0.0001  
Non-Voting Common Stock              
Class of Stock [Line Items]              
Common stock, shares authorized (in shares)     100,000,000   100,000,000 100,000,000  
Common stock, par value (in dollars per share) | $ / shares           $ 0.0001  
Common stock, shares issued (in shares)     0   0    
Common stock, shares outstanding (in shares)     0   0    
v3.25.2
Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares
Jun. 30, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Total common stock reserved for future issuance (in shares) 235,481,231 190,143,247
Conversion of convertible notes    
Class of Stock [Line Items]    
Total common stock reserved for future issuance (in shares) 19,096,202 19,096,202
Conversion of convertible notes | Convertible senior notes due 2026    
Class of Stock [Line Items]    
Shares available for conversion (in shares) 19,096,202  
Possible future issuance under stock plans    
Class of Stock [Line Items]    
Total common stock reserved for future issuance (in shares) 128,066,785 81,764,571
Outstanding stock options, restricted stock units and performance stock units    
Class of Stock [Line Items]    
Total common stock reserved for future issuance (in shares) 88,318,244 89,282,474
v3.25.2
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 6,678,514 $ 5,825,605 $ 6,525,134 $ 5,234,612
Other comprehensive income (loss) before reclassifications 1,873 605 13,066 (274)
Amounts reclassified from AOCI into earnings (1,108) 0 (1,108) 0
Total other comprehensive income (loss) 765 605 11,958 (274)
Ending balance 6,860,580 5,901,494 6,860,580 5,901,494
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 2,828 (2,088) (8,365) (1,209)
Total other comprehensive income (loss) 765 605 11,958 (274)
Ending balance 3,593 (1,483) 3,593 (1,483)
AFS Debt Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 2,103 (2,901) (9,359) (2,201)
Other comprehensive income (loss) before reclassifications 2,436 741 13,898 41
Amounts reclassified from AOCI into earnings (1,108) 0 (1,108) 0
Total other comprehensive income (loss) 1,328 741 12,790 41
Ending balance 3,431 (2,160) 3,431 (2,160)
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 725 813 994 992
Other comprehensive income (loss) before reclassifications (563) (136) (832) (315)
Amounts reclassified from AOCI into earnings 0 0 0 0
Total other comprehensive income (loss) (563) (136) (832) (315)
Ending balance $ 162 $ 677 $ 162 $ 677
v3.25.2
Derivative Financial Instruments - Schedule of Gains (Losses) Recognized on Derivative Instruments (Details) - Not designated as hedging instrument - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives $ (69,546) $ 69,531 $ (197,672) $ 278,023
Derivative contracts to manage future loan sale execution risk        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives (71,286) 67,619 (205,165) 267,477
Derivative contracts to manage future loan sale execution risk | Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives (70,572) 67,376 (202,308) 268,661
Derivative contracts to manage future loan sale execution risk | Interest rate caps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives 0 (980) 0 (3,263)
Derivative contracts to manage future loan sale execution risk | Home loan pipeline hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives (714) 1,223 (2,857) 2,079
Derivative contracts not designed to manage future loan sale execution risk | Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives (240) 1,487 (1,334) 7,550
Derivative contracts not designed to manage future loan sale execution risk | Interest rate caps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives 0 986 0 3,276
Derivative contracts not designed to manage future loan sale execution risk | IRLCs        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) from fair value changes on derivatives $ 1,980 $ (561) $ 8,827 $ (280)
v3.25.2
Derivative Financial Instruments - Schedule of Derivative Instruments Subject to Enforceable Master Netting Arrangements (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Gross Derivative Assets    
Total, gross $ 0 $ 288,990
Derivative netting 0 (43)
Total, net 0 288,947
Gross Derivative Liabilities    
Total, gross (58,934) (43)
Derivative netting 0 43
Total, net (58,934) 0
Cash collateral 57,000 0
Interest rate swaps    
Gross Derivative Assets    
Total, gross 0 288,062
Gross Derivative Liabilities    
Total, gross (57,000) 0
Home loan pipeline hedges    
Gross Derivative Assets    
Total, gross 0 928
Gross Derivative Liabilities    
Total, gross $ (1,934) $ (43)
v3.25.2
Derivative Financial Instruments - Schedule of Notional Amounts of Derivative Contracts Outstanding (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional amount $ 17,013,882 $ 15,329,707
IRLCs    
Derivative [Line Items]    
Notional amount 443,632 216,707
Derivative contracts to manage future loan sale execution risk | Interest rate swaps    
Derivative [Line Items]    
Notional amount 16,132,250 14,829,500
Derivative contracts to manage future loan sale execution risk | Home loan pipeline hedges    
Derivative [Line Items]    
Notional amount 364,000 228,000
Derivative contracts not designed to manage future loan sale execution risk | Interest rate swaps    
Derivative [Line Items]    
Notional amount $ 74,000 $ 55,500
v3.25.2
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Assets          
Investments in AFS debt securities $ 2,266,588   $ 2,266,588   $ 1,804,043
Investment securities 2,374,810   2,374,810   1,895,689
Servicing rights 375,006   375,006   342,128
Liabilities          
Residual interests classified as debt 554   554   609
Unpaid principal related to debt measured at fair value 63,101   63,101   85,160
Gains (losses) from changes in fair value in debt 0 $ (1,037) 0 $ (2,464)  
Fair Value          
Assets          
Total assets 4,363,933   4,363,933   4,092,857
Liabilities          
Debt 4,839,285   4,839,285   3,737,265
Total liabilities 34,382,426   34,382,426   29,717,161
U.S. Treasury securities          
Assets          
Investments in AFS debt securities 230,332   230,332   273,652
Agency mortgage-backed securities          
Assets          
Investments in AFS debt securities 1,999,562   1,999,562   1,526,394
Corporate bonds          
Assets          
Investments in AFS debt securities 2,225   2,225   3,217
Other          
Assets          
Investments in AFS debt securities 816   816   780
Asset-backed bonds          
Assets          
Investments in AFS debt securities 29,004   29,004    
Residual investments          
Assets          
Investments in AFS debt securities 4,649   4,649    
Fair Value, Recurring | Fair Value          
Assets          
Investment securities 2,374,810   2,374,810   1,895,689
Loans at fair value 30,722,970   30,722,970   26,282,260
Servicing rights 375,006   375,006   342,128
Total assets 33,484,518   33,484,518   28,816,876
Liabilities          
Debt 59,747   59,747   80,878
Total liabilities 119,235   119,235   81,530
Fair Value, Recurring | U.S. Treasury securities | Fair Value          
Assets          
Investments in AFS debt securities 230,332   230,332   273,652
Fair Value, Recurring | Agency mortgage-backed securities | Fair Value          
Assets          
Investments in AFS debt securities 1,999,562   1,999,562   1,526,394
Fair Value, Recurring | Corporate bonds | Fair Value          
Assets          
Investments in AFS debt securities 2,225   2,225   3,217
Fair Value, Recurring | Other | Fair Value          
Assets          
Investments in AFS debt securities 816   816   780
Fair Value, Recurring | Asset-backed bonds | Fair Value          
Assets          
Asset-backed bonds and residual investments 110,645   110,645   66,252
Fair Value, Recurring | Residual investments | Fair Value          
Assets          
Asset-backed bonds and residual investments 31,230   31,230   25,394
Fair Value, Recurring | Third party warrants | Fair Value          
Assets          
Derivative assets 540   540   540
Fair Value, Recurring | Derivative assets | Fair Value          
Assets          
Derivative assets 0   0   288,990
Fair Value, Recurring | IRLCs | Fair Value          
Assets          
Derivative assets 10,054   10,054   1,227
Fair Value, Recurring | Student loan commitments | Fair Value          
Assets          
Student loan commitments 1,138   1,138   6,042
Fair Value, Recurring | Residual interests classified as debt | Fair Value          
Liabilities          
Residual interests classified as debt 554   554   609
Fair Value, Recurring | Derivative liabilities | Fair Value          
Liabilities          
Derivative liabilities 58,934   58,934   43
Level 1          
Assets          
Total assets 2,714,603   2,714,603   2,709,360
Liabilities          
Debt 2,228,386   2,228,386   1,994,381
Total liabilities 2,228,386   2,228,386   1,994,381
Level 1 | Fair Value, Recurring          
Assets          
Investment securities 230,332   230,332   273,652
Loans at fair value 0   0   0
Servicing rights 0   0   0
Total assets 230,332   230,332   273,652
Liabilities          
Debt 0   0   0
Total liabilities 0   0   0
Level 1 | Fair Value, Recurring | U.S. Treasury securities          
Assets          
Investments in AFS debt securities 230,332   230,332   273,652
Level 1 | Fair Value, Recurring | Agency mortgage-backed securities          
Assets          
Investments in AFS debt securities 0   0   0
Level 1 | Fair Value, Recurring | Corporate bonds          
Assets          
Investments in AFS debt securities 0   0   0
Level 1 | Fair Value, Recurring | Other          
Assets          
Investments in AFS debt securities 0   0   0
Level 1 | Fair Value, Recurring | Asset-backed bonds          
Assets          
Asset-backed bonds and residual investments 0   0   0
Level 1 | Fair Value, Recurring | Residual investments          
Assets          
Asset-backed bonds and residual investments 0   0   0
Level 1 | Fair Value, Recurring | Third party warrants          
Assets          
Derivative assets 0   0   0
Level 1 | Fair Value, Recurring | Derivative assets          
Assets          
Derivative assets 0   0   0
Level 1 | Fair Value, Recurring | IRLCs          
Assets          
Derivative assets 0   0   0
Level 1 | Fair Value, Recurring | Student loan commitments          
Assets          
Student loan commitments 0   0   0
Level 1 | Fair Value, Recurring | Residual interests classified as debt          
Liabilities          
Residual interests classified as debt 0   0   0
Level 1 | Fair Value, Recurring | Derivative liabilities          
Liabilities          
Derivative liabilities 0   0   0
Level 2          
Assets          
Total assets 124,384   124,384   109,417
Liabilities          
Debt 2,610,899   2,610,899   1,742,884
Total liabilities 32,154,040   32,154,040   27,722,780
Level 2 | Fair Value, Recurring          
Assets          
Investment securities 2,113,248   2,113,248   1,596,643
Loans at fair value 118,031   118,031   66,928
Servicing rights 0   0   0
Total assets 2,231,279   2,231,279   1,952,561
Liabilities          
Debt 59,747   59,747   80,878
Total liabilities 118,681   118,681   80,921
Level 2 | Fair Value, Recurring | U.S. Treasury securities          
Assets          
Investments in AFS debt securities 0   0   0
Level 2 | Fair Value, Recurring | Agency mortgage-backed securities          
Assets          
Investments in AFS debt securities 1,999,562   1,999,562   1,526,394
Level 2 | Fair Value, Recurring | Corporate bonds          
Assets          
Investments in AFS debt securities 2,225   2,225   3,217
Level 2 | Fair Value, Recurring | Other          
Assets          
Investments in AFS debt securities 816   816   780
Level 2 | Fair Value, Recurring | Asset-backed bonds          
Assets          
Asset-backed bonds and residual investments 110,645   110,645   66,252
Level 2 | Fair Value, Recurring | Residual investments          
Assets          
Asset-backed bonds and residual investments 0   0   0
Level 2 | Fair Value, Recurring | Third party warrants          
Assets          
Derivative assets 0   0   0
Level 2 | Fair Value, Recurring | Derivative assets          
Assets          
Derivative assets 0   0   288,990
Level 2 | Fair Value, Recurring | IRLCs          
Assets          
Derivative assets 0   0   0
Level 2 | Fair Value, Recurring | Student loan commitments          
Assets          
Student loan commitments 0   0   0
Level 2 | Fair Value, Recurring | Residual interests classified as debt          
Liabilities          
Residual interests classified as debt 0   0   0
Level 2 | Fair Value, Recurring | Derivative liabilities          
Liabilities          
Derivative liabilities 58,934   58,934   43
Level 3          
Assets          
Total assets 1,524,946   1,524,946   1,274,080
Liabilities          
Debt 0   0   0
Total liabilities 0   0   0
Level 3 | Fair Value, Recurring          
Assets          
Investment securities 31,230   31,230   25,394
Loans at fair value 30,604,939   30,604,939   26,215,332
Servicing rights 375,006   375,006   342,128
Total assets 31,022,907   31,022,907   26,590,663
Liabilities          
Debt 0   0   0
Total liabilities 554   554   609
Level 3 | Fair Value, Recurring | U.S. Treasury securities          
Assets          
Investments in AFS debt securities 0   0   0
Level 3 | Fair Value, Recurring | Agency mortgage-backed securities          
Assets          
Investments in AFS debt securities 0   0   0
Level 3 | Fair Value, Recurring | Corporate bonds          
Assets          
Investments in AFS debt securities 0   0   0
Level 3 | Fair Value, Recurring | Other          
Assets          
Investments in AFS debt securities 0   0   0
Level 3 | Fair Value, Recurring | Asset-backed bonds          
Assets          
Asset-backed bonds and residual investments 0   0   0
Level 3 | Fair Value, Recurring | Residual investments          
Assets          
Asset-backed bonds and residual investments 31,230   31,230   25,394
Level 3 | Fair Value, Recurring | Third party warrants          
Assets          
Derivative assets 540   540   540
Level 3 | Fair Value, Recurring | Derivative assets          
Assets          
Derivative assets 0   0   0
Level 3 | Fair Value, Recurring | IRLCs          
Assets          
Derivative assets 10,054   10,054   1,227
Level 3 | Fair Value, Recurring | Student loan commitments          
Assets          
Student loan commitments 1,138   1,138   6,042
Level 3 | Fair Value, Recurring | Residual interests classified as debt          
Liabilities          
Residual interests classified as debt 554   554   609
Level 3 | Fair Value, Recurring | Derivative liabilities          
Liabilities          
Derivative liabilities $ 0   $ 0   $ 0
v3.25.2
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Liabilities        
Net impact on earnings $ 88,807,000 $ (146,551,000) $ 160,679,000 $ (424,459,000)
Elective repurchases 604,800,000 0 804,800,000 16,600,000
Securitization clean-up calls 94,100,000 0 94,100,000 0
Residual interests classified as debt        
Liabilities        
Fair value at beginning of period (579,000) (4,129,000) (609,000) (7,396,000)
Impact on Earnings (12,000) (1,000) (47,000) (74,000)
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 37,000 3,406,000 102,000 6,746,000
Other Changes 0 0 0 0
Fair value at end of period (554,000) (724,000) (554,000) (724,000)
Loans at fair value        
Assets        
Fair value at beginning of period 27,709,465,000 21,891,166,000 26,215,332,000 22,056,057,000
Impact on Earnings 93,881,000 (150,861,000) 155,505,000 (437,404,000)
Purchases 700,933,000 797,000 903,900,000 17,377,000
Sales (556,484,000) (1,199,368,000) (1,751,888,000) (2,756,409,000)
Issuances 5,770,491,000 4,928,632,000 11,114,855,000 8,959,194,000
Settlements (3,113,631,000) (2,479,008,000) (6,033,335,000) (4,850,642,000)
Other Changes 284,000 832,000 570,000 4,017,000
Fair value at end of period 30,604,939,000 22,992,190,000 30,604,939,000 22,992,190,000
Personal loans        
Assets        
Fair value at beginning of period 17,869,230,000 15,057,005,000 17,532,396,000 15,330,573,000
Impact on Earnings (10,430,000) (142,269,000) (83,855,000) (411,695,000)
Purchases 2,032,000 696,000 4,930,000 17,276,000
Sales (290,015,000) (1,199,368,000) (1,485,419,000) (2,462,222,000)
Issuances 4,519,171,000 4,192,114,000 8,496,841,000 7,470,996,000
Settlements (2,486,773,000) (2,110,044,000) (4,859,930,000) (4,145,741,000)
Other Changes 722,000 (706,000) (1,026,000) (1,759,000)
Fair value at end of period 19,603,937,000 15,797,428,000 19,603,937,000 15,797,428,000
Student loans        
Assets        
Fair value at beginning of period 9,571,457,000 6,834,161,000 8,597,368,000 6,725,484,000
Impact on Earnings 100,161,000 (8,592,000) 225,930,000 (25,709,000)
Purchases 698,901,000 101,000 898,970,000 101,000
Sales 0 0 0 (294,187,000)
Issuances 993,326,000 736,518,000 2,184,789,000 1,488,198,000
Settlements (621,766,000) (368,964,000) (1,167,012,000) (704,901,000)
Other Changes (438,000) 1,538,000 1,596,000 5,776,000
Fair value at end of period 10,741,641,000 7,194,762,000 10,741,641,000 7,194,762,000
Home loans        
Assets        
Fair value at beginning of period 268,778,000   85,568,000  
Impact on Earnings 4,150,000   13,430,000  
Purchases 0   0  
Sales (266,469,000)   (266,469,000)  
Issuances 257,994,000   433,225,000  
Settlements (5,092,000)   (6,393,000)  
Other Changes 0   0  
Fair value at end of period 259,361,000   259,361,000  
Servicing rights        
Assets        
Fair value at beginning of period 389,780,000 240,752,000 342,128,000 180,469,000
Impact on Earnings (16,925,000) 1,654,000 (15,851,000) 6,880,000
Purchases 3,573,000 1,227,000 7,210,000 2,207,000
Sales (5,841,000) 0 (7,781,000) (53,000)
Issuances 40,323,000 78,745,000 129,254,000 154,299,000
Settlements (35,904,000) (31,049,000) (79,954,000) (52,473,000)
Other Changes 0 0 0 0
Fair value at end of period 375,006,000 291,329,000 375,006,000 291,329,000
Residual investments        
Assets        
Fair value at beginning of period 28,730,000 35,853,000 25,394,000 35,920,000
Impact on Earnings 671,000 213,000 1,335,000 945,000
Purchases 3,827,000 0 8,082,000 2,553,000
Sales (313,000) 0 (313,000) 0
Issuances 0 0 0 0
Settlements (1,685,000) (3,551,000) (3,268,000) (6,903,000)
Other Changes 0 0 0 0
Fair value at end of period 31,230,000 32,515,000 31,230,000 32,515,000
IRLCs        
Assets        
Fair value at beginning of period 8,074,000 2,436,000 1,227,000 2,155,000
Impact on Earnings 10,054,000 1,875,000 18,128,000 4,311,000
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (8,074,000) (2,436,000) (9,301,000) (4,591,000)
Other Changes 0 0 0 0
Fair value at end of period 10,054,000 1,875,000 10,054,000 1,875,000
Student loan commitments        
Assets        
Fair value at beginning of period 471,000 314,000 6,042,000 5,465,000
Impact on Earnings 1,138,000 569,000 1,609,000 883,000
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (471,000) (314,000) (6,513,000) (5,779,000)
Other Changes 0 0 0 0
Fair value at end of period 1,138,000 569,000 1,138,000 569,000
Third party warrants        
Assets        
Fair value at beginning of period 540,000 630,000 540,000 630,000
Impact on Earnings 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Other Changes 0 0 0 0
Fair value at end of period $ 540,000 $ 630,000 $ 540,000 $ 630,000
v3.25.2
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Gain (loss) included in earnings from changes in instrument-specific credit risk $ 62,784 $ 17,390 $ 113,753 $ 58,214  
Fair Value | Fair Value, Nonrecurring | Non-Securitization Investments – Other          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Fair value of non-securitization investments, other 49,646   49,646   $ 29,500
Fair Value | Fair Value, Nonrecurring | Non-Securitization Investments – Other | Level 3          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investments in which fair values are not readily determinable $ 47,500   $ 47,500   $ 27,500
v3.25.2
Fair Value Measurements - Schedule of Valuation Inputs and Assumptions (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Aggregate amount committed $ 36,562 $ 149,402
Minimum | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.110 0.110
Residual interests classified as debt 0.124 0.119
Minimum | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.006 0.005
Residual interests classified as debt 0.010 0.010
Minimum | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.055 0.055
Residual interests classified as debt 0.095 0.103
Minimum | Loan funding probability    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments 0.640 0.581
Student loan commitments 0.950 0.950
Minimum | Personal loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.214 0.209
Servicing rights 0.090 0.075
Minimum | Personal loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.029 0.044
Servicing rights 0.030 0.030
Minimum | Personal loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.047 0.053
Servicing rights 0.085 0.085
Minimum | Personal loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
Minimum | Student loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.095 0.086
Servicing rights 0.071 0.076
Minimum | Student loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.004 0.004
Servicing rights 0.003 0.003
Minimum | Student loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.037 0.042
Servicing rights 0.085 0.085
Minimum | Student loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
Minimum | Home loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.064 0.067
Servicing rights 0.053 0.050
Minimum | Home loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.001 0.001
Servicing rights 0.000 0.000
Minimum | Home loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.058 0.050
Servicing rights 0.093 0.093
Minimum | Home loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
Maximum | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.365 0.327
Residual interests classified as debt 0.124 0.119
Maximum | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.078 0.078
Residual interests classified as debt 0.010 0.010
Maximum | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.300 0.300
Residual interests classified as debt 0.095 0.103
Maximum | Loan funding probability    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments 0.754 0.797
Student loan commitments 0.950 0.950
Maximum | Personal loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.343 0.322
Servicing rights 0.435 0.367
Maximum | Personal loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.596 0.512
Servicing rights 0.400 0.180
Maximum | Personal loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.070 0.074
Servicing rights 0.191 0.185
Maximum | Personal loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.021 0.016
Maximum | Student loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.124 0.119
Servicing rights 0.194 0.181
Maximum | Student loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.074 0.071
Servicing rights 0.037 0.037
Maximum | Student loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.082 0.082
Servicing rights 0.085 0.085
Maximum | Student loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.003 0.003
Maximum | Home loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.220 0.236
Servicing rights 0.220 0.250
Maximum | Home loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.019 0.035
Servicing rights 0.001 0.001
Maximum | Home loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.064 0.092
Servicing rights 0.100 0.100
Maximum | Home loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.002 0.002
Weighted Average | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.192 0.160
Residual interests classified as debt 0.124 0.119
Weighted Average | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.028 0.018
Residual interests classified as debt 0.010 0.010
Weighted Average | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Residual investments 0.105 0.086
Residual interests classified as debt 0.095 0.103
Weighted Average | Loan funding probability    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Interest rate lock commitments 0.710 0.718
Student loan commitments 0.950 0.950
Weighted Average | Personal loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.2645 0.2601
Servicing rights 0.257 0.254
Weighted Average | Personal loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.0428 0.0455
Servicing rights 0.049 0.045
Weighted Average | Personal loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.0467 0.0529
Servicing rights 0.097 0.094
Weighted Average | Personal loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.002 0.002
Weighted Average | Student loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.1128 0.1095
Servicing rights 0.124 0.119
Weighted Average | Student loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.0067 0.0073
Servicing rights 0.009 0.008
Weighted Average | Student loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.0397 0.0440
Servicing rights 0.085 0.085
Weighted Average | Student loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
Weighted Average | Home loans | Conditional prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.1427 0.1477
Servicing rights 0.077 0.069
Weighted Average | Home loans | Annual default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.0056 0.0056
Servicing rights 0.001 0.001
Weighted Average | Home loans | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans 0.0609 0.0747
Servicing rights 0.093 0.093
Weighted Average | Home loans | Market servicing costs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing rights 0.001 0.001
v3.25.2
Fair Value Measurements - Schedule of Sensitivity Analysis for Servicing Rights (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Market servicing costs    
2.5 basis points increase $ (7,937) $ (6,485)
5.0 basis points increase (15,903) (13,014)
Conditional prepayment rate    
10% increase (11,317) (8,344)
20% increase (22,025) (16,255)
Annual default rate    
10% increase (945) (662)
20% increase (1,881) (1,319)
Discount rate    
100 basis points increase (6,789) (6,370)
200 basis points increase $ (13,194) $ (12,344)
v3.25.2
Fair Value Measurements - Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Level 1    
Assets    
Cash and cash equivalents $ 2,122,502 $ 2,538,293
Restricted cash and restricted cash equivalents 592,101 171,067
Loans 0 0
Other investments 0 0
Total assets 2,714,603 2,709,360
Liabilities    
Deposits 0 0
Debt 2,228,386 1,994,381
Total liabilities 2,228,386 1,994,381
Level 2    
Assets    
Cash and cash equivalents 0 0
Restricted cash and restricted cash equivalents 0 0
Loans 0 0
Other investments 124,384 109,417
Total assets 124,384 109,417
Liabilities    
Deposits 29,543,141 25,979,896
Debt 2,610,899 1,742,884
Total liabilities 32,154,040 27,722,780
Level 3    
Assets    
Cash and cash equivalents 0 0
Restricted cash and restricted cash equivalents 0 0
Loans 1,524,946 1,274,080
Other investments 0 0
Total assets 1,524,946 1,274,080
Liabilities    
Deposits 0 0
Debt 0 0
Total liabilities 0 0
Carrying Value    
Assets    
Cash and cash equivalents 2,122,502 2,538,293
Restricted cash and restricted cash equivalents 592,101 171,067
Loans 1,495,145 1,246,458
Other investments 124,384 109,417
Total assets 4,334,132 4,065,235
Liabilities    
Deposits 29,540,674 25,978,204
Debt 3,882,889 3,011,814
Total liabilities 33,423,563 28,990,018
Carrying Value | Convertible senior notes due 2026 | Convertible notes    
Liabilities    
Debt 472,200 453,500
Carrying Value | Convertible senior notes due 2029 | Convertible notes    
Liabilities    
Debt 1,800,000 1,500,000
Fair Value    
Assets    
Cash and cash equivalents 2,122,502 2,538,293
Restricted cash and restricted cash equivalents 592,101 171,067
Loans 1,524,946 1,274,080
Other investments 124,384 109,417
Total assets 4,363,933 4,092,857
Liabilities    
Deposits 29,543,141 25,979,896
Debt 4,839,285 3,737,265
Total liabilities $ 34,382,426 $ 29,717,161
v3.25.2
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 63,256 $ 61,057 $ 127,012 $ 116,139
Technology and product development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 21,977 21,745 45,884 41,024
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 5,296 5,372 10,648 10,334
Cost of operations        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 3,343 3,381 6,768 6,299
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 32,640 $ 30,559 $ 63,712 $ 58,482
v3.25.2
Share-Based Compensation - Narrative (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
tranche
Jun. 30, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation and benefits, inclusive of share-based compensation expense $ 269,799,000 $ 221,773,000 $ 538,405,000 $ 430,019,000
Compensation cost related to unvested stock options not yet recognized 0   $ 0  
ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
ESPP discount percentage from market price, beginning of purchase period     15.00%  
Unrecognized compensation 5,500,000   $ 5,500,000  
Compensation cost related to share based awards, period for recognition     6 months  
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation 497,700,000   $ 497,700,000  
Compensation cost related to share based awards, period for recognition     2 years 3 months 18 days  
Performance stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation $ 38,000,000.0   $ 38,000,000.0  
Compensation cost related to share based awards, period for recognition     2 years 4 months 24 days  
Number of vesting tranches | tranche     3  
Share award vesting rights, period     3 years  
v3.25.2
Share-Based Compensation - Schedule of Option Activity (Details)
6 Months Ended 12 Months Ended
Jun. 30, 2025
$ / shares
shares
Dec. 31, 2024
$ / shares
shares
Number of Stock Options    
Beginning balance (in shares) | shares 14,810,602  
Exercised (in shares) | shares (133,779)  
Expired (in shares) | shares (8,748)  
Ending balance (in shares) | shares 14,668,075 14,810,602
Exercisable (in shares) | shares 14,668,075  
Weighted Average Exercise Price    
Beginning balance (in dollars per share) | $ / shares $ 7.85  
Exercised (in dollars per share) | $ / shares 5.77  
Expired (in dollars per share) | $ / shares 6.20  
Ending balance (in dollars per share) | $ / shares 7.87 $ 7.85
Exercisable (in dollars per share) | $ / shares $ 7.87  
Weighted Average Remaining Contractual Term (in years)    
Weighted average remaining contractual term, outstanding (in years) 2 years 7 months 6 days 3 years 1 month 6 days
Weighted average remaining contractual term, exercisable (in years) 2 years 7 months 6 days  
v3.25.2
Share-Based Compensation - Schedule of Restricted Stock Unit and Performance Stock Unit Activity (Details)
$ / shares in Units, $ in Millions
6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Restricted stock units  
Number of RSUs  
Beginning balance (in shares) | shares 60,423,369
Granted (in shares) | shares 18,368,182
Vested (in shares) | shares (17,776,848)
Forfeited (in shares) | shares (2,784,131)
Ending balance (in shares) | shares 58,230,572
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 7.77
Granted (in dollars per share) | $ / shares 12.67
Vested (in dollars per share) | $ / shares 8.19
Forfeited (in dollars per share) | $ / shares 8.32
Ending balance (in dollars per share) | $ / shares $ 9.16
Total fair value, RSUs granted | $ $ 145.7
Performance Stock Units  
Number of RSUs  
Beginning balance (in shares) | shares 14,048,503
Granted (in shares) | shares 1,820,753
Forfeited (in shares) | shares (449,659)
Ending balance (in shares) | shares 15,419,597
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 10.81
Granted (in dollars per share) | $ / shares 13.42
Forfeited (in dollars per share) | $ / shares 7.52
Ending balance (in dollars per share) | $ / shares $ 11.21
v3.25.2
Share-Based Compensation - Schedule of Fair Value Inputs for PSUs (Details) - Performance Stock Units - $ / shares
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate 3.90% 4.50%
Expected volatility 64.30% 73.00%
Fair value of common stock (in dollars per share) $ 11.26 $ 8.02
Dividend yield 0.00% 0.00%
v3.25.2
Share-Based Compensation - Schedule of Fair Value Inputs for ESPP (Details) - ESPP
6 Months Ended
Jun. 30, 2025
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free interest rate 4.30%
Expected term (in years) 6 months
Expected volatility 61.90%
Fair value of common stock (in dollars per share) $ 14.70
Dividend yield 0.00%
v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax (expense) benefit $ (14,929) $ 2,064 $ (23,595) $ (4,119)
v3.25.2
Commitments, Guarantees, Concentrations and Contingencies (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
repurchase_obligation
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]          
Non-cash operating lease right-of-use assets obtained in exchange for new operating lease liabilities     $ 4,352,000    
Occupancy expense $ 8,045,000 $ 7,931,000 $ 16,165,000 $ 15,689,000  
Number of repurchase obligations | repurchase_obligation     3    
Estimated repurchase obligations 14,200,000   $ 14,200,000   $ 11,900,000
Loans sold, subject to terms and conditions of repurchase obligations 12,800,000,000   12,800,000,000   12,500,000,000
Letters of credit outstanding with financial institutions 5,600,000   5,600,000   5,600,000
Collateral amount 1,300,000   1,300,000   1,300,000
Loans held for investment, excluding accrued interest, after allowance for credit loss 1,413,385,000   1,413,385,000   1,246,458,000
Minimum net worth noncompliance, fines and penalties accrued 0   0   0
Unfunded Loan Commitment          
Lessee, Lease, Description [Line Items]          
Commitment to fund a line of credit 18,700,000   18,700,000    
Funded Loan          
Lessee, Lease, Description [Line Items]          
Loans held for investment, excluding accrued interest, after allowance for credit loss 6,300,000   6,300,000    
Asset Pledged as Collateral          
Lessee, Lease, Description [Line Items]          
Letters of credit outstanding with financial institutions $ 25,200,000   $ 25,200,000   $ 25,200,000
Minimum          
Lessee, Lease, Description [Line Items]          
Operating lease, renewal term (in years) 1 year   1 year    
Maximum          
Lessee, Lease, Description [Line Items]          
Operating lease, renewal term (in years) 10 years   10 years    
Maximum | Unfunded Loan Commitment          
Lessee, Lease, Description [Line Items]          
Commitment to fund a line of credit $ 25,000,000.0   $ 25,000,000.0    
v3.25.2
Earnings Per Share - Schedule of Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income $ 97,263 $ 17,404 $ 168,379 $ 105,447
Less: Redeemable preferred stock dividends 0 (6,424) 0 (16,503)
Less: Redeemable preferred stock redemptions, net 0 (3,026) 0 (3,026)
Net income (loss) attributable to common stockholders – basic 97,263 7,954 168,379 85,918
Plus: dilutive effect of convertible notes, net 351 0 690 (55,829)
Net income (loss) attributable to common stockholders – diluted $ 97,614 $ 7,954 $ 169,069 $ 30,089
Denominator:        
Weighted average common stock outstanding - basic (in shares) 1,107,006,000 1,058,592,000 1,102,525,000 1,020,605,000
Dilutive effects, convertible notes (in shares) 44,953,000 0 47,731,000 12,502,000
Weighted average common stock outstanding - diluted (in shares) 1,182,877,000 1,065,171,000 1,184,197,000 1,042,403,000
Earnings per share - basic (in dollars per share) $ 0.09 $ 0.01 $ 0.15 $ 0.08
Earnings per share - diluted (in dollars per share) $ 0.08 $ 0.01 $ 0.14 $ 0.03
Unvested RSUs        
Denominator:        
Dilutive effects, unvested RSUs, common stock options, and ESPP (in shares) 24,899,000 5,290,000 27,571,000 7,521,000
Common stock options        
Denominator:        
Dilutive effects, unvested RSUs, common stock options, and ESPP (in shares) 5,941,000 1,289,000 6,330,000 1,775,000
ESPP        
Denominator:        
Dilutive effects, unvested RSUs, common stock options, and ESPP (in shares) 78,000 0 39,000 0
v3.25.2
Earnings Per Share - Schedule of Anti-Dilutive Elements (Details) - shares
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Unvested RSUs        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 4,157 25,115 3,612 21,163
Common stock options        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 0 9,573 0 8,570
Unvested PSUs        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 15,420 14,327 15,420 14,327
ESPP        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 284 0 651 0
Contingent common stock        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 46 46 46 46
Convertible notes        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 0 22,842 0 22,842
v3.25.2
Business Segment Information - Narrative (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Segment Reporting Information [Line Items]    
Number of reportable segments | segment 3  
Goodwill $ 1,393,505 $ 1,393,505
Lending    
Segment Reporting Information [Line Items]    
Goodwill 17,688  
Technology Platform    
Segment Reporting Information [Line Items]    
Goodwill 1,338,658  
Financial Services    
Segment Reporting Information [Line Items]    
Goodwill $ 37,159  
v3.25.2
Business Segment Information - Schedule of Financial Results (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment Reporting Information [Line Items]        
Net interest income (expense) $ 517,837 $ 412,584 $ 1,016,563 $ 815,302
Noninterest income (expense) 337,107 186,034 610,140 428,311
Total net revenue 854,944 598,618 1,626,703 1,243,613
Provision for credit losses (10,035) (11,640) (15,713) (18,822)
Directly attributable expenses        
Compensation and benefits (269,799) (221,773) $ (538,405) (430,019)
Number of reportable segments | segment     3  
Operating Segments        
Segment Reporting Information [Line Items]        
Net interest income (expense) 566,263 418,996 $ 1,100,496 805,746
Noninterest income (expense) 349,615 193,279 635,301 381,922
Total net revenue 915,878 612,275 1,735,797 1,187,668
Provision for credit losses (10,031) (11,634) (15,670) (18,799)
Servicing rights – change in valuation inputs or assumptions 3,274 (1,654) 2,200 (6,880)
Residual interests classified as debt – change in valuation inputs or assumptions 12 1 47 74
Directly attributable expenses        
Directly attributable expenses (442,996) (314,679) (838,057) (602,119)
Contribution profit 466,137 284,309 884,317 559,944
Intercompany expenses 18,182 8,295 34,377 15,296
Operating Segments | Lending        
Segment Reporting Information [Line Items]        
Net interest income (expense) 372,675 279,212 733,296 545,748
Noninterest income (expense) 70,837 61,493 123,589 125,433
Total net revenue 443,512 340,705 856,885 671,181
Provision for credit losses 0 0 0 0
Servicing rights – change in valuation inputs or assumptions 3,274 (1,654) 2,200 (6,880)
Residual interests classified as debt – change in valuation inputs or assumptions 12 1 47 74
Directly attributable expenses        
Compensation and benefits (42,749) (30,625) (78,638) (58,879)
Direct advertising (79,313) (55,826) (147,082) (100,595)
Lead generation (49,558) (32,194) (89,803) (57,009)
Loan origination and servicing costs (19,634) (12,181) (38,355) (22,611)
Product fulfillment 0 0 0 0
Tools and subscriptions 0 0 0 0
Member incentives 0 0 0 0
Professional services (3,505) (2,777) (5,740) (5,155)
Intercompany technology platform expenses (477) (436) (966) (880)
Other (6,852) (7,075) (14,903) (13,589)
Directly attributable expenses (202,088) (141,114) (375,487) (258,718)
Contribution profit 244,710 197,938 483,645 405,657
Operating Segments | Technology Platform        
Segment Reporting Information [Line Items]        
Net interest income (expense) 266 555 679 1,056
Noninterest income (expense) 109,567 94,883 212,581 188,748
Total net revenue 109,833 95,438 213,260 189,804
Provision for credit losses 0 0 0 0
Servicing rights – change in valuation inputs or assumptions 0 0 0 0
Residual interests classified as debt – change in valuation inputs or assumptions 0 0 0 0
Directly attributable expenses        
Compensation and benefits (44,168) (35,389) (88,654) (71,687)
Direct advertising 0 0 0 0
Lead generation 0 0 0 0
Loan origination and servicing costs 0 0 0 0
Product fulfillment (15,250) (14,929) (29,212) (28,576)
Tools and subscriptions (10,688) (6,247) (17,578) (12,982)
Member incentives 0 0 0 0
Professional services (3,906) (3,226) (6,576) (5,922)
Intercompany technology platform expenses 0 0 0 0
Other (2,626) (4,496) (7,132) (8,744)
Directly attributable expenses (76,638) (64,287) (149,152) (127,911)
Contribution profit 33,195 31,151 64,108 61,893
Operating Segments | Financial Services        
Segment Reporting Information [Line Items]        
Net interest income (expense) 193,322 139,229 366,521 258,942
Noninterest income (expense) 169,211 36,903 299,131 67,741
Total net revenue 362,533 176,132 665,652 326,683
Provision for credit losses (10,031) (11,634) (15,670) (18,799)
Servicing rights – change in valuation inputs or assumptions 0 0 0 0
Residual interests classified as debt – change in valuation inputs or assumptions 0 0 0 0
Directly attributable expenses        
Compensation and benefits (38,143) (32,309) (80,622) (64,814)
Direct advertising (8,423) (6,190) (14,099) (15,187)
Lead generation (33,180) (7,452) (64,848) (13,871)
Loan origination and servicing costs 0 0 0 0
Product fulfillment (19,036) (17,221) (37,737) (33,797)
Tools and subscriptions 0 0 0 0
Member incentives (18,003) (22,285) (34,086) (41,669)
Professional services (6,475) (4,489) (13,732) (9,266)
Intercompany technology platform expenses (13,320) (5,533) (24,341) (10,484)
Other (27,690) (13,799) (43,953) (26,402)
Directly attributable expenses (164,270) (109,278) (313,418) (215,490)
Contribution profit 188,232 55,220 336,564 92,394
Corporate / Other        
Segment Reporting Information [Line Items]        
Net interest income (expense) (48,426) (6,412) (83,933) 9,556
Noninterest income (expense) (12,508) (7,245) (25,161) 46,389
Total net revenue $ (60,934) $ (13,657) $ (109,094) $ 55,945
v3.25.2
Business Segment Information - Schedule of Reconciliation of Contribution Profit (Loss) to Loss Before Tax (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Corporate/Other total net revenue (loss) $ 854,944 $ 598,618 $ 1,626,703 $ 1,243,613
Not allocated to segments:        
Share-based compensation expense     (127,012) (116,139)
Depreciation and amortization expense     (112,026) (98,162)
Income before income taxes 112,192 15,340 191,974 109,566
Reportable segments        
Segment Reporting Information [Line Items]        
Reportable segments total contribution profit 466,137 284,309 884,317 559,944
Corporate/Other total net revenue (loss) 915,878 612,275 1,735,797 1,187,668
Intercompany expenses 18,182 8,295 34,377 15,296
Servicing rights – change in valuation inputs or assumptions (3,274) 1,654 (2,200) 6,880
Residual interests classified as debt – change in valuation inputs or assumptions (12) (1) (47) (74)
Expenses not allocated to segments        
Segment Reporting Information [Line Items]        
Corporate/Other total net revenue (loss) (60,934) (13,657) (109,094) 55,945
Not allocated to segments:        
Share-based compensation expense (63,256) (61,057) (127,012) (116,139)
Employee-related costs (86,586) (67,786) (174,783) (130,170)
Depreciation and amortization expense (56,743) (49,623) (112,026) (98,162)
Other corporate and unallocated expenses $ (101,322) $ (86,794) $ (201,558) $ (183,954)
v3.25.2
Subsequent Events (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Billions
Jul. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Subsequent Event [Line Items]      
Common stock, par value (in dollars per share)   $ 0.00 $ 0.00
Subsequent Event      
Subsequent Event [Line Items]      
Number of shares issued in transaction (in shares) 82.7    
Common stock, par value (in dollars per share) $ 0.0001    
Sale of stock, price per share (in dollars per share) $ 20.85    
Consideration received on transaction $ 1.7